Cash Deposit at Bank ATMs through UPI, With Draw-RBI

Amaravati: RBI Governor Shaktikanta Das said that the facility of depositing cash into bank accounts through mobile apps like Phonepe,Gpay,Bharatpay which are UPI based services will soon be available. The first bi-monthly monetary policy review meeting of this financial year ended on Friday. On this occasion, RBI Governor Shaktikanta Das said that to reduce the cash handling load on bank branches, banks will set up Cash Deposit Machines (CDM) for the convenience of customers. Till now cash deposit facility in the machine is available only by using debit cards. With the latest decision, cash can be withdrawn through UPI without a ‘debit card’ at ATMs. He also said that it is proposed to provide cash deposit facility through UPI, and these services will be implemented soon.

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