Soon you will be able to deposit money through UPI: This facility will be available in cash deposit machines, currently only cash withdrawal facility is available through UPI.

Soon you will be able to deposit money through UPI: This facility will be available in cash deposit machines, currently only cash withdrawal facility is available through UPI.

Soon you will be able to deposit cash through Unified Payments Interface i.e. UPI. RBI Governor Shaktikanta Das gave this information today while announcing the first monetary policy for the financial year 2024-25. He said that considering the popularity and acceptance of UPI, there is now a proposal to provide cash deposit facility through it. This facility will be made available in CDM (Cash Deposit Machine). Currently, debit cards are used to deposit cash through CDM. Cash deposit machines increase the convenience of customers: RBI issued a statement saying that cash deposit machines installed by banks increase the convenience of customers and also reduce the burden of cash handling on bank branches. Considering the popularity of UPI and the experience gained from cardless cash withdrawal through it, it is proposed to provide the facility of cash deposit. Operation instructions for this will be issued soon. Cardless cash withdrawal facility was launched on 5 September 2023. Earlier in the country, there was a facility to withdraw cash only through credit and debit cards through ATMs. The facility to withdraw cash through UPI was launched by the National Payment Corporation of India i.e. NPCI on 5 September 2023. It is also called Interoperable Cardless Cash Withdrawal System. Let us know about the process of withdrawing cardless cash through UPI step by step – How to withdraw cash from UPI-ATM? Now you can deposit cash in your account in two ways. Now, if you want to deposit cash in your or someone else’s bank account, then it can be done in two ways. First go to the bank and deposit the money in the account. Whereas, the second way is through debit card in cash deposit machine. How does UPI work? For UPI service you have to create a virtual payment address. After this it will have to be linked to the bank account. After this there is no need to remember your bank account number, bank name or IFSC code etc. The payment provider simply processes the payment request according to your mobile number. If you have his UPI ID then you can easily send money through your smartphone. Not only money but also net banking, credit or debit card will not be required for utility bill payment, online shopping, shopping etc. You can do all these things through the Unified Payment Interface System.

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top