Coming Up: UPI For Cash Deposit Through CDMs

Reserve Bank of India governor Dr Shaktikanta Das announced a proposal today in his monetary policy statement that can make the money deposit process bit more easier. According to the additional measures announced by Dr Das, it has been proposed to facilitate cash deposit at Cash Deposit Machines (CDMs) through UPI.

Deposit of cash through CDMs is primarily being done through the use of debit cards.

The central bank is using the experience gained from card-less cash withdrawal using UPI at the ATMs, to propose deposit of cash in CDMs using UPI.

According to the RBI, this measure will further enhance customer convenience and make the currency handling process at banks more efficient.

At present, UPI payments from Prepaid Payment Instruments (PPIs) can be made only by using the web or mobile app provided by the PPI issuer.

The RBI has also proposed to permit the use of third-party UPI apps for making UPI payments from PPI wallets. “This will further enhance customer convenience and boost adoption of digital payments for small value transactions,”