Money can be deposited in ATM through UPI: RBI Governor Shashikant Das – ..

Reserve Bank of India Governor Shaktikanta Das has made a big announcement regarding UPI on Friday. Governor Shaktikanta Das has said that now money can be deposited in ATMs through UPI system. Customers will feel very comfortable with this feature of UPI. This will save customers time in sending money somewhere. At present you have to take cash and deposit it in the machine and only after completing the entire process the money is transferred to the account.

Permission to deposit cash through UPI

Giving information about keeping interest rates stable, Governor Shaktikanta Das said that the Monetary Policy Committee (MPC) of RBI has approved cash deposits through UPI. He said that at present cardless cash can be withdrawn from ATM. At present, many users are using debit cards along with cash to deposit money in ATMs. These cash deposit machines have helped a lot in reducing the work of bank employees. Due to which the long queues in the bank have also reduced. Therefore, we have decided to expand this service further.

Guidelines will be issued soon

RBI Governor said that guidelines will be issued soon for depositing money through UPI in ATMs. Shaktikanta Das said that currently UPI payments through prepaid payment instruments (PPIs) can be made only using the web or mobile application of the PPI issuer. It is now proposed to allow the use of third party UPI apps to make UPI payments through PPI wallet. This will provide convenience to the customers. Apart from this, digital payments for small transactions will also be promoted.

How will the new system work?

This system of depositing cash through UPI will be similar to the existing withdrawal process. Currently, if you want to withdraw cardless cash, you have to opt for UPI cardless cash. After this the amount has to be selected. Then after scanning the QR code, money can be withdrawn by entering the UPI PIN. The arrangement for depositing money is also going to be similar.