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. Especially, a debit card is required to deposit cash. In such a situation, it is seen that many times the card falls, gets left or gets lost in an ATM. It is possible that the card may also be misused. But now you will not need a debit card to deposit cash in an ATM. Soon, consumers will be able to deposit their cash in the ATM machine through UPI only. Let’s know what this feature will be like and how it can be used.

UPI app service is going to be launched soon for users to deposit cash. After which the need of debit card will end while depositing cash. T Rabi Shankar, Deputy Governor of Reserve Bank of India Global Fintech Fest (GFF) 2024 In 2018, the new UPI Interoperable Cash Deposit (UPI-ICD) facility was announced. Once the facility is launched, depositing cash in ATMs will become even easier.

NPCI about this from the side of 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 at ATMs run by banks and White Label ATM Operators (WLAO). Users can also deposit cash 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 deposit and cash withdrawal. Customers can now deposit cash using their mobile numbers linked to UPI, Virtual Payment Address (VPA) and account IFSCs, making the process much simpler than before. 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 you will choose the UPI cash deposit option instead of choosing the debit card option.
• After that, scan the QR code shown in the cash deposit machine with the UPI app.
• After that you have to enter the number of notes available for cash deposits like 100, 500. 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 it. Here, check whether the amount shown in the slip matches the amount of cash 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 the RBI blog.