New Delhi: In a new announcement, the Reserve Bank of Bank (RBI) has allowed users to deposit cash in cash deposit machines (CDMs) through Unified Payments Interface (UPI).
While announcing the decisions of the RBI Monetary Policy Committee (MPC) on April 5, 2024, governor Shaktikanta Das said, “Deposit of cash through cash deposit machines (CDMs) is primarily being done through the use of debit cards. Given the experience gained from cardless cash withdrawal using UPI at the ATMs, it is now proposed to facilitate deposit of cash in CDMs using UPI.”
“Cash Deposit Machines (CDMs) deployed by banks enhance customer convenience while reducing the cash-handling load on bank branches. The facility of cash deposit is presently available only through the use of debit cards. Given the popularity and acceptance of UPI, as well as the benefits seen from the availability of UPI for cardless cash withdrawals at ATMs, it is now proposed to facilitate a cash deposit facility through the use of UPI. Operational instructions will be issued shortly,” stated Statement on Developmental and Regulatory Policies of RBI.
“This measure will further enhance customer’s convenience and make the currency handling process easier for banks,” Das added.
