look news india
UPI Cash Deposit: A big news has come for the people using Unified Payment Interface (UPI). Now you will get rid of the hassle of going to the bank to deposit cash in your bank account. Through Interoperable Cash Deposit (ICD), you will be able to easily deposit cash in the ATM using any UPI. Let us tell you that this facility has been started to eliminate the use of physical debit cards.
RBI started this facility in collaboration with NPCI
The Reserve Bank of India (RBI) in collaboration with the National Payments Corporation of India (NPCI) has launched the UPI-ICD facility. Through this initiative, UPI users will be able to deposit cash anywhere at a UPI-ICD enabled ATM. In a press release issued on August 29, NPCI said, “With the introduction of UPI-ICD, customers can deposit cash in their bank account or any other bank account without a debit card using UPI at ATMs operated by banks and White Label ATM Operators (WLAO).”
These ATMs are cash recycler machines used for both cash deposits and withdrawals. By leveraging their mobile number, Virtual Payment Address (VPA) and account IFSC linked with UPI, customers can now deposit cash, making the process more seamless, inclusive and accessible.”
how to use
Step 1: Visit a cash deposit machine (CDM) that supports UPI transactions. At the CDM, you will choose the “UPI Cash Deposit” option instead of using a debit card.
Step 2: A QR code will appear on the CDM screen.
step 3: Open the UPI app on your smartphone to scan the QR code.
step 4: After this you will see the cash deposit amount on the screen. Verify it
Step 5: Select the bank account you want to deposit cash into from your UPI-linked accounts. Then, enter your UPI PIN and complete the transaction.
Facility available in these banks
Let us tell you that UPI-ICD facility will be gradually implemented in all ATMs. At present, Axis Bank and Union Bank of India have started this facility for their customers.