RBI Governor Announcement: At present, debit cards are mainly used to deposit money in cash deposit machines. Now the new decision will make things easier for customers and make the currency management process in banks more efficient.
RBI Governor Announcement: Reserve Bank of India (RBI) will soon provide the facility of depositing money in cash deposit machines through UPI (Unified Payment Interface). Apart from this, it has also been proposed to provide PPI (Prepaid Payment Instruments) card holders the facility to make UPI payments through third party UPI apps like bank account holders.
Presenting the first bi-monthly monetary policy review of the current financial year, RBI Governor Shaktikanta Das said, ‘In view of the experience gained from card-less cash withdrawals using UPI at ATMs, now cash deposit machines (CDMs) using UPI ) It is also proposed to provide the facility of depositing money in.
At present, debit cards are mainly used to deposit money in cash deposit machines. He said that this step will make things easier for customers and make the currency management process in banks more efficient.
RBI said this (RBI Big Announcement)
According to RBI, on one hand the convenience of customers has increased with the use of cash deposit machines, on the other hand the pressure for depositing cash in bank branches has reduced. Now, in view of the popularity and acceptability of UPI, it has been proposed to provide the facility of depositing cash without card.
Additionally, it has also been proposed to allow the use of third party UPI apps to make UPI payments from PPI (Prepaid Payment Instruments) wallets. Currently, UPI payments from PPI can be made only using the website or mobile app provided by the PPI card issuer.
Das said in the statement, ‘This will help PPI card holders to make UPI payments like bank account holders.’ This will make things easier for customers and will promote digital mediums for small amount transactions. RBI will soon issue guidelines regarding these measures.
