RB News World Latest News
Related Articles
Reserve Bank of India (RBI) Governor Shaktikanta Das has made a big announcement regarding UPI on Friday. Shaktikanta Das has said that now money can also be deposited in ATMs through UPI system.
This facility of UPI will be very convenient for the customers. This will save the time of the customers in sending money anywhere. At present, you have to take cash and put it in the machine and only after completing the whole process, the money is transferred to an account.
Permission granted for cash deposit through UPI
Governor Shaktikanta Das, while giving information about RBI’s Monetary Policy Committee (MPC) keeping the interest rates stable, said that the central bank has allowed cash deposit through UPI. He said that at present cardless cash withdrawal can be done from ATM. At present, many users are using debit card along with cash to deposit money in ATM. These cash deposit machines have helped a lot in reducing the work of bank employees. This has also reduced the long queues in the bank. Therefore, we have decided to expand this service further.
Guidelines will be issued soon
RBI Governor said that guidelines for depositing money in ATM through UPI will be issued soon. Shaktikanta Das said that currently UPI payment from Prepaid Payment Instruments (PPI) can be done only by using the web or mobile app of the PPI issuer. Now there is a proposal to allow the use of third party UPI app to make UPI payment from PPI wallet. This will be convenient for the customers. Along with this, digital payment will also be promoted for small transactions.
How will the new system work
This system of cash deposit from UPI will be similar to the withdrawal process currently going on. Right now, if you have to withdraw cardless cash, then you have to choose the option of UPI cardless cash. After this, the amount has to be selected. Then after scanning the QR code, money can be withdrawn by entering the UPI PIN. The system of depositing money is also going to be similar.
This facility of UPI will be very convenient for the customers. This will save the time of the customers in sending money anywhere. At present, you have to take cash and put it in the machine and only after completing the whole process, the money is transferred to an account.
Permission granted for cash deposit through UPI
Governor Shaktikanta Das, while giving information about RBI’s Monetary Policy Committee (MPC) keeping the interest rates stable, said that the central bank has allowed cash deposit through UPI. He said that at present cardless cash withdrawal can be done from ATM. At present, many users are using debit card along with cash to deposit money in ATM. These cash deposit machines have helped a lot in reducing the work of bank employees. This has also reduced the long queues in the bank. Therefore, we have decided to expand this service further.
Guidelines will be issued soon
RBI Governor said that guidelines for depositing money in ATM through UPI will be issued soon. Shaktikanta Das said that currently UPI payment from Prepaid Payment Instruments (PPI) can be done only by using the web or mobile app of the PPI issuer. Now there is a proposal to allow the use of third party UPI app to make UPI payment from PPI wallet. This will be convenient for the customers. Along with this, digital payment will also be promoted for small transactions.
How will the new system work
This system of cash deposit from UPI will be similar to the withdrawal process currently going on. Right now, if you have to withdraw cardless cash, then you have to choose the option of UPI cardless cash. After this, the amount has to be selected. Then after scanning the QR code, money can be withdrawn by entering the UPI PIN. The system of depositing money is also going to be similar.
