A comprehensive guide to cardless cash deposits using UPI apps: In light of the extensive adoption of the Unified Payments Interface (UPI) for various transactions, it is imminent that depositors will have the capability to utilize this phone banking interface service to make cash deposits at cash deposit machines (CDMs) located at ATMs and bank branches.
RBI Governor Shaktikanta Das made a pleasantly unexpected announcement on Friday at the conclusion of the bi-monthly monetary policy committee (MPC) meeting, despite it being an expected development in the ongoing evolution of fintech.
“The proposal put forth by the RBI regarding UPI cash deposits represents a significant advancement. A more streamlined and expedient cash deposit process contributes to an overall improved experience. According to Neeraj Gupta, MD, Branch International, a fintech application, clients will benefit from increased convenience and adaptability in managing their finances through the utilization of UPI technology.
In 2023, UPI implemented cardless currency withdrawals from ATMs.
Cash deposit facility in banks through use of UPI soon: RBI
You need to pay attention to the following fundamental aspects:
1. The RBI allows UPI deposits at bank and ATM cash deposit machines. RBI has not provided more information.
2. Steps for cardless cash withdrawals:
- A. Choose ATM UPI cash withdrawal.
- B. Type the withdrawal amount.
- C. ATMs display QR codes.
- D. Open the UPI app on your phone and enter the QR code.
3. The RBI developed this capability to improve user experience and streamline currency processing at banking institutions.
Based on these procedures, it is possible to deduce that the steps required to deposit the cash will be comparable, if not identical.
The following sequence of actions may be anticipated once the novel set of regulations becomes effective:
The following sequence of events is potentially foreseeable:
- Proceed to the cash deposit machine of the ATM or bank branch by bringing your smartphone along with substantial amounts of currency that you intend to deposit. You must know that the debit card is not required at this time.
- Find UPI currency deposit at the ATM.
- After entering the correct deposit amount, a QR code will appear.
- Launch the UPI application on your mobile device and scan the QR code that appears on the CDM screen.
- Place the currency notes within the aperture to facilitate counting and acceptance by the machine.
- The transaction will be finalized and duly confirmed in both the UPI app and the terminal.
Recall that the RBI will issue the instructions for the recently announced facility in the near future.
