Bank users can deposit cash in ATM using UPI as RBI launch new feature how to use details

You need a debit card during cash transactions from ATM. Debit card is especially required for depositing cash. In such a situation, it is seen that many times the card falls in an ATM, gets lost, or gets lost. It is possible that the card may also be misused. But now you will not need a debit card for cash deposit in ATM. Soon consumers will be able to deposit their cash in ATM machine only through UPI. Let us know how this feature will be and how it can be used.

UPI app service is going to start soon for users to deposit cash. After which the need for debit card while depositing cash will be eliminated. Reserve Bank of India Deputy Governor T Rabi Shankar Global Fintech Fest (GFF) 2024 Announced the new UPI Interoperable Cash Deposit (UPI-ICD) facility. As soon as the facility is launched, depositing cash in ATM will become even easier.

NPCI About this from press release Information has been given through. According to which, under the UPI Interoperable Cash Deposit (UPI-ICD) facility, customers can avail this facility through UPI in ATMs run by banks and White Label ATM Operators (WLAO). Users can also get cash deposited in their own bank account or any other bank account without using a physical debit card. Banks will start this facility in a phased manner, after which customers will start getting its benefits.

These ATMs are cash recycler machines that are used for both cash deposits and cash withdrawals. Customers can now deposit cash using their mobile numbers linked to UPI, Virtual Payment Address (VPA) and account IFSCs, making the process easier than ever. According to experts, UPI cardless cash deposit will be similar to UPI cardless cash withdrawal.

How to deposit cash through UPI

• First of all you have to find an ATM or cash deposit machine that supports UPI transactions. Here instead of choosing the debit card option, you will choose the UPI cash deposit option.
• After that you will scan the QR code shown in the cash deposit machine with the UPI app.
• After that you have to enter the count of notes like Rs 100, Rs 500 available for cash deposits there. After which the machine can give you a confirmation.
• After confirmation, the cash will be deposited in this deposit machine and you may also be given a slip to confirm this. Check here whether the amount shown in the slip matches the cash amount deposited by you or not.
• After this, select the account in which you want to deposit this amount from the list of your accounts linked to UPI. After that complete the transaction through UPI PIN. For more information you can also visit RBI blog.