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RBI Rules: Reserve Bank of India (RBI) has announced to provide a great facility of depositing cash in the bank account through Cash Deposit Machine using UPI. This will provide great relief to customers standing in queues to deposit cash in banks. They will be able to deposit cash through UPI in Cash Deposit Machine (CDM) without standing in queues at banks. RBI Governor has given this information in his address after the MPC meeting on Friday.
What did the RBI Governor say?
RBI Governor Shaktikanta Das gave this information during the announcement of monetary policy after the three-day meeting of the Monetary Policy Committee on Friday. In his address, he said that currently customers get the facility to deposit cash in cash deposit machines using debit cards. Now the central bank has proposed to approve that customers can deposit cash in CDM machines using only UPI. Let us tell you that the Monetary Policy Committee of RBI, after its three-day meeting, has decided to maintain the repo rate at 6.5 percent.
How will the new feature work?
The RBI Governor said that considering the experience of facilitating withdrawal of money from ATMs in a cardless manner using UPI, the central bank has now proposed to allow a similar facility for depositing cash in CDM machines. This means that customers will now be able to deposit cash in CDM machines using UPI without standing in queues at banks. This measure will take customer convenience to a new level and make the currency management process in banks more efficient. RBI Governor Shaktikanta Das also said that CDMs will be installed in bank branches. This will reduce the load on the branches. The thing to note here is that RBI has not yet released detailed information related to depositing cash through UPI in CDM. But, this information can be made public soon. However, let us know how this technology can work.
How to deposit cash in CDM through UPI?
- To avail the facility of depositing cash through UPI, you will have to go to the branch or ATM where the Cash Deposit Machine i.e. CDM is installed.
- You have to choose UPI cash deposit option in CDM machine
- You will then need to enter the amount you wish to deposit into the normal CDM machine
- After this you have to open the UPI app on your phone and scan the QR code visible on the CDM screen.
- Now the CDM machine will allow you to put cash in the machine. After this, put the notes you have in the machine to deposit cash.
- Once the transaction is complete, you will receive a confirmation on the machine and your UPI app that your money has been transferred.