The Reserve Bank of India has introduced a groundbreaking feature—UPI Interoperable Cash Deposit (UPI-ICD). This new facility allows customers to deposit cash at ATMs using UPI, eliminating the need for a debit card. Here’s how it works and why it’s a game-changer:
1. Seamless Cash Deposits: Customers can now deposit cash at Cash Deposit Machines (CDMs) by simply using UPI apps on their smartphones. No more need to carry a physical card.
2. How It Works:
- Step 1: Locate a CDM that supports UPI transactions.
- Step 2: Select the “UPI Cash Deposit” option on the CDM.
- Step 3: A QR code will be displayed on the CDM screen.
- Step 4: Scan the QR code using your UPI app.
- Step 5: Confirm the deposit amount and select the bank account to deposit the cash. Authorize with your UPI PIN.
3. Advantages:
- Convenience: No need to carry or use a debit card for cash deposits.
- Accessibility: Deposit cash to any bank account linked to UPI, making banking more inclusive.
- Security: Transactions are secured with UPI’s robust authentication process.
4. Availability: The UPI-ICD feature will be gradually rolled out by banks, so keep an eye out for this convenient option at your nearest ATM.
This initiative reflects RBI’s focus on integrating UPI into all aspects of financial services, enhancing customer experience with ease and accessibility.
Explore more as banks roll out this innovative feature, bringing the simplicity of UPI to cash deposits!