RBI to roll out cash deposit facility via UPI

The Reserve Bank of India (RBI) has proposed allowing cash deposit facility at Cash Deposit Machines (CDMs) through UPI, which is currently available only through the use of debit cards.

The initiative has been taken given the popularity and acceptance of UPI, as also the benefits seen from the availability of UPI for cardless cash withdrawal at ATMs, RBI said, adding that operational instructions will be issued shortly.

“Currently, to access the cash deposit facility, the user must insert his/her debit card, enter the PIN and select ‘deposit’ to complete the cash deposition process at the ATM or CDM. “Going ahead, this will be a cardless process, all that the user will need, is UPI enabled on that bank account. This will make the banking transaction CDM as easy as making payments via UPI,” said Mandar Agashe, Founder and MD, Sarvatra Technologies.