Business News Desk, Reserve Bank of India (RBI) has launched a new feature to make digital banking easier, so that now customers will be able to deposit cash in ATM even without a debit card. This new feature has been named UPI Interoperable Cash Deposit (UPI-ICD). Its purpose is to make the cash deposit process simple and fast through UPI, so that customers do not need a card. Now customers can deposit cash using their mobile number or Virtual Payment Address (VPA). This facility will be available in ATMs that provide both cash deposit and withdrawal facilities. According to NPCI (National Payments Corporation of India), this new feature is making banking services easier for everyone. This move of RBI is another big step towards promoting digital payments and cardless banking.
What is UPI-ICD feature
RBI Deputy Governor T. Rabi Shankar launched the UPI Interoperable Cash Deposit (UPI-ICD) service during the Global Fintech Fest 2024 in Mumbai. This new feature allows customers to deposit cash through UPI, eliminating the need for a debit card. Customers can deposit cash directly from an ATM into their own or someone else’s account, whether the ATM is of a bank or a white-label ATM operator.
How to use UPI-ICD?
Using this feature is very easy and you only need to follow a few simple steps.
Go to an ATM that supports UPI-ICD feature.
Select the Cash Deposit option on the ATM screen.
Enter your UPI linked mobile number or Virtual Payment Address (VPA).
Insert cash into the cash deposit slot of the ATM.
The ATM machine will process the cash and deposit it into the selected account.
At which ATMs is this facility available?
This facility is currently available only at those ATMs which are equipped with cash recycler technology, i.e. those which provide both cash deposit and withdrawal facility. Banks will gradually implement this feature in all their ATMs so that more and more customers can take advantage of it.
One more step towards cardless banking
The UPI-ICD feature is an extension of the UPI cardless cash withdrawal facility introduced in 2023. Earlier, cash withdrawal without debit card was facilitated through UPI, and now the process of depositing cash has also been made digital and cardless. This step is an important initiative towards making the banking process more simple and fast.
What did NPCI say?
The National Payments Corporation of India (NPCI) said that customers can now deposit cash in ATMs using their UPI linked mobile number, virtual payment address (VPA) and IFSC code. This has not only simplified the banking process but has also made it more accessible, so that everyone can take advantage of it. This new UPI Interoperable Cash Deposit (UPI-ICD) feature of RBI is making digital banking even simpler, faster and safer. Now customers can deposit cash in ATMs without a debit card, making access to banking services easier. This initiative is an important step towards cardless banking and is making the banking process even more useful.
