New Delhi: The head of the Central Reserve Bank, Shaktikanta Das, shared this update.
Talking about the first financial meeting of this year, Shaktikanta Das mentioned that RBI plans to let people deposit cash through UPI.
While this feature hasn’t been explained fully yet, it’s a big step towards making cash deposits easier without using a card.
Currently, you can only deposit cash using a debit card.
What did the governor say?
During the first financial policy review of the year, RBI Governor Shaktikanta Das said that based on the success of using UPI for withdrawing cash without a card from ATMs,
they’re now planning to allow cash deposits through UPI at Cash Deposit Machines (CDMs).
He mentioned that this move would simplify things for customers and make cash management in banks more efficient.
This step aims to make things easier for customers who prefer to use cash deposit machines.
The pressure on bank branches for cash deposits will also decrease.
Now, because UPI is widely used and accepted, they’re proposing to allow cash deposits without needing a card.
Freedom from carrying cash
This is also a relief for customers who typically carry cash to deposit it into someone else’s bank account using cash deposit machines.
Since this process will be done through UPI, you won’t have to carry cash anymore.
Instead, a scanner will be available on the cash deposit machine,
allowing you to scan and deposit money after verification.
Solution to note problem
Sometimes, cash deposit machines don’t accept valid notes, causing inconvenience to customers.
With the introduction of the UPI facility, this issue will also be resolved.
