look news india
RBI MPC: In the near future, cash can be deposited through UPI. RBI Governor Shaktikanta Das said this in the announcement of the first monetary policy for the financial year 2024-25. Shaktikanta Das said, considering the popularity of UPI, there is now a provision to provide cash deposit facility through it. This facility will be available in CDM (Cash Deposit Machine).
Presently debit cards are used to deposit money through CDM. Currently, cash withdrawal facility is available with payment through UPI. Keeping in mind the convenience of customers, RBI said that cash deposit machines installed by banks reduce the burden of cash management on bank branches while increasing customer convenience. Cardless cash withdrawals have grown in popularity. Cash withdrawal facility through UPI was launched on September 5, 2023. In view of this, it is now proposed to provide cash deposit facility. Work on which will start soon.
There is also a provision to make UPI payment through prepaid wallet. In which use of third party apps will be allowed for UPI payment. Shaktikanta Das said that this will help PPI cardholders to make UPI payments like bank account holders.
Unified Payment Interface i.e. UPI was launched in 2016. Virtual Payment Address enables payments without the help of KYC, bank account number, bank name or IFSC. All types of payments are possible with the help of UPI ID. Payment can be made through QR code scan and payment, mobile-account number through UPI, voice command and Billpay Connect.