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
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:
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:
Recall that the RBI will issue the instructions for the recently announced facility in the near future.
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