Cash Deposit through UPI Soon

As we all know that Unified Payments Interface – UPI is gaining significant popularity in India day by day due to its ease and speed.

UPI is contributing a lot to the growth of digital payments in India. These days UPI is being used almost everywhere right from the street vendor to a five star hotel. In this context, RBI decides to further expand its use and dominance.

RBI made a key announcement on Friday that it will soon bring the facility of making cash deposits through UPI.

Cash Deposit Machines (CDM) so far have the facility of depositing cash only through debit card. RBI said that it will soon bring the facility of depositing money in CDM using UPI as well. The guidelines for this will soon be announced. It is known that RBI has introduced CDM for depositing funds and there by reducing huge queues in the banks.

On the other hand, RBI has taken another step to provide more convenience to consumers in terms of digital payments. It has also decided to allow linking of ‘Prepaid Payment Instruments (PPI)’ like online wallets and pre-loaded gift cards through third-party UPI apps. Currently, we link the bank account to the UPI app provided by the same bank or any third party app to make UPI payments. We are also making UPI payments by connecting PPIs to apps that issue them. RBI announced on Friday that from now on it will bring the facility of linking PPIs like wallets to third party apps as well. It said that the complete guidelines for the same will soon be revealed.

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