Now customers can deposit cash in Cash Deposit Machines using UPI

Mumbai : Now customers can deposit Cash in Cash Deposit Machines (CDMs) using UPI. The RBI has proposed to facilitate cash deposit through Cash Deposit Machines (CDMs) at the ATMs.

“Deposit of cash through Cash Deposit Machines (CDMs) is primarily being done through the use of debit cards. Given the experience gained from card-less cash withdrawal using UPI at the ATMs, it is now proposed to also facilitate deposit of cash in CDMs using UPI. This measure will further enhance customer convenience and make the currency handling process at banks more efficient” said RBI Governor Shaktikanta Das.

UPI Access for Prepaid Payment Instruments (PPIs) through Third Party Apps

With a view to promote customer convenience and promote digital payments, the RBI had decided to permit the use of third-party UPI apps for making UPI payments from PPI wallets. “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. It is now 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” said RBI Governor Shaktikanta Das.

RBI Retail Direct Scheme – Introduction of Mobile App
The RBI Retail Direct Scheme was launched in November 2021. It is now proposed to launch a mobile app for accessing the Retail Direct portal. This will be of greater convenience to retail investors and deepen the G-sec market.