Leaders Online: After the cardless cash withdrawal facility, you will now be able to deposit money at ATMs through the Unified Payments Interface (UPI). For the convenience of many customers who use UPI every day, the Reserve Bank of India (RBI) has allowed users to deposit cash in Cash Deposit Machines (CDMs) through UPI. RBI Governor Shaktikanta Das announced this today.
“Cash deposits through Cash Deposit Machines (CDM) are being done mainly through the use of debit cards. RBI Governor Shaktikanta Das informed that keeping in mind the experience of cardless withdrawal using UPI at ATMs, it is now proposed to deposit cash in cash deposit machines using UPI.
This will provide more convenience to the customers and also ease the transaction handling process for the banks. He said that instructions in this regard will be issued soon.
Currently you can withdraw money from ATMs through UPI. This process is very simple. When you select the 'UPI Cardless Cash' withdrawal option on the ATM screen, you are asked how much you are going to withdraw. After entering the amount, a single use dynamic QR code will appear on the screen. You have to scan it using any bank's mobile banking app and authorize the transaction with UPI PIN to get the cash.
Meanwhile, the Reserve Bank of India's Monetary Policy Committee announced the bi-monthly monetary policy on Friday. RBI has kept the repo rate unchanged for the seventh time in a row. RBI has decided to keep the repo rate 'as is' at 6.5 percent.
GDP growth forecast for 2024-25 is 7 percent. “Risks are balanced,” RBI Governor Shaktikanta Das said. He noted that India's foreign exchange reserves have reached an all-time high of $645.6 billion as of March 29, 2024.
#WATCH | RBI Governor Shaktikanta Das says, “Next announcement relates to enabling UPI for cash deposit facility. Deposit of cash through Cash Deposit Machines, that is CDMs, is primarily being done through the use of debit cards. Given the experience gained from cardless cash… pic.twitter.com/hQgJW6ISkb
— ANI (@ANI) April 5, 2024
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