Deposit Cash and Make Payments via UPI: Convenient Cash Deposit Machine Services
At present, you can deposit cash through the Unified Payments Interface, i.e., UPI, within a short period. When RBI Governor Shaktikanta Das announced the first monetary policy of the financial year 2024-25, this information was provided.
It was mentioned that considering the popularity and acceptance of UPI, there is now a proposal to enable cash deposits through it. This facility will be made available at Cash Deposit Machines (CDMs).
Currently, the use of debit cards is required to deposit cash through CDMs. Now, you can also deposit cash through UPI payments.
Cash deposit machines enhance customer convenience. An announcement issued by RBI stated that banks are increasing facilities for cash deposit through established cash deposit machines and also reducing cash handling boxes at bank branches.
Considering the popularity of UPI and the experiences gained through cardless transactions via it, there is a proposal to facilitate cash deposits through UPI. Guidelines for this will be issued shortly.
Proposal for UPI Withdrawal from PPI Wallets
In addition to withdrawals from PPI (Prepaid Payment Instruments) wallets through UPI, a proposal has been made to allow the use of third-party apps for making UPI payments from PPI wallets. Currently, the facility to withdraw from PPI through UPI is only available through the company’s website or mobile application. Shaktikanta Das mentioned in the announcement that this will assist PPI cardholders in making UPI withdrawals similar to bank account holders.
Once the facility to make UPI payments through PPI wallets is available, if you have a prepaid card, smart card, or mobile PPI wallet, you can also spend the money stored in it through UPI. For this, you can use third-party UPI apps like PhonePe, GooglePay, Amazon Pay, and others.
Introduction to Cardless Cash Withdrawal Facility
The cardless cash withdrawal facility was introduced on September 5, 2023. Previously in the country, cash withdrawal was only possible through ATM using credit and debit cards. The feature of withdrawing cash via UPI was initiated by the National Payments Corporation of India (NPCI) on September 5, 2023. It is also referred to as the interoperable cardless cash system. Let’s delve into the process of withdrawing cardless cash step by step via UPI-ATM.
Withdrawing Cash via UPI-ATM
- First, select the UPI option on the ATM and enter the amount.
- Then, your UPI-QR code will be displayed.
- Now, scan it and enter your UPI-PIN.
- After that, collect the cash from the ATM.
- Now you can deposit cash into your account in two ways.
- If you want to deposit into your own bank account, go to your bank and deposit the money.
- If you want to deposit into someone else’s bank account, you can do so in two ways: firstly, by visiting another bank and depositing money into their account, or secondly, through a cash deposit machine using a debit card. Let’s learn about the process of depositing cash via a debit card step by step…
Process of Depositing Cash via Debit Card in Cash Deposit Machine
- First, insert your debit card into the cash deposit machine and enter the PIN.
- Choose the type of account (savings or current).
- Now, select the amount and click on ‘Continue.’
- Put the money in the machine’s slot and click on ‘Keep Running.’
- Now the machine will count the cash to be deposited.
- If the amount is correct, click on ‘Deposit.’
- Now the money will be deposited, and a receipt will be generated.
