RBI Big Announcement: Now you will be able to deposit money through cash deposit machine through UPI i.e. Unified Payment Interface. Central Reserve Bank Governor Shaktikanta Das has given information in this regard.
Describing the results of the first bi-monthly monetary review meeting of the current financial year, Shaktikanta Das said that RBI has proposed to provide the facility of cash deposits through UPI. Although this facility has not been explained in detail, this is the second major effort of the Central Reserve Bank in the direction of cashless deposits. Let us tell you that at present cashless deposit is being done only through debit card.
What did the governor say
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 cardless cash withdrawal using UPI in ATMs, now money in cash deposit machines (CDMs) using UPI. It is also proposed to provide deposit facility.
He said this step will make things easier for customers and make the currency management process in banks more efficient. According to RBI, on one hand the convenience of customers has increased with the use of cash deposit machines in banks. At the same time, the pressure regarding cash deposits 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.
Freedom from carrying cash
According to experts, this is also a matter of relief for those customers who reach the cash deposit machine with cash. Usually customers take cash and deposit it in someone else’s bank account through a cash deposit machine. Experts estimate that since this process is done through UPI, you will not need to carry cash. This means that a scanner will come on your cash deposit machine and after necessary verification, you will be able to scan and deposit the money.
Solution to note problem
It is often seen that even valid notes are not accepted in cash deposit machines. In such a situation, choosing the right note is a big challenge. With the introduction of UPI facility, this problem of customers will also be solved.
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