New UPI feature: Soon, you can deposit cash through UPI at ATMs, announces RBI

While announcing the decisions of the Monetary Policy Committee on April 5, 2024, RBI Governor Shaktikanta Das mentioned, "Deposit of cash through cash deposit machines (CDMs) is primarily being done through the use of debit cards..

Given the experience gained from cardless cash withdrawal using UPI at the ATMs, it is now proposed to facilitate deposit of cash in CDMs using UPI."..

Given the popularity and acceptance of UPI, as well as the benefits seen from the availability of UPI for cardless cash withdrawals at ATMs, it is now proposed to facilitate a cash deposit facility through. the use of UPI..

Mandar Agashe, Founder & MD, Sarvatra Technologies Pvt Ltd, said, The enablement of UPI for cash deposit facility is another remarkable use-case of UPI..

Vivek Iyer, Partner, Grant Thornton Bharat, said, "Enabling UPI for cash deposit is the RBI focus towards integrating UPI as a part of the entire financial services value chain, given the positive level of customer experience and ease that UPI has been known for."..