Achi news desk-
GUWAHATI: RBI Governor Shaktikanta Das has proposed to expand the use of UPIs by introducing UPI for cash deposit facility. Currently, cash deposits through cash deposit machines (CDM) are mainly made using debit cards.
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The RBI Governor announced while talking to the media “Considering the experience gained from cardless cash withdrawal through UPI at ATMs, it is now also proposed to facilitate CDM cash deposit through UPI.”
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“This measure will further improve customer comfort and make the process of handling coins in banks more efficient,” he added.
The operational guidelines for using UPI for depositing through cash deposit machines will be issued soon by the central bank. Cash deposit machines deployed by banks improve customer convenience while reducing the cash handling burden on bank branches. Depositing cash through CDM is done primarily through debit cards. Another major update on the use of UPI by the governor was to allow the use of third-party UPI apps to make UPI payments from prepaid (PPI) wallets. Currently, UPI payments from PPIs can only be made through the web or mobile app provided by the PPI issuer.
“It is now proposed to allow the use of third-party UPI apps to make UPI payments from PPI wallets. This will further improve customer convenience and increase the adoption of digital payments for small value transactions,” Governor Das said.
