RBI To Soon Allow To Deposit Cash Through Cash Deposit Machines Using UPI

April 5, 2024

0 149 Less than a minute

Reserve Bank of India will soon allow to deposit cash through Cash Deposit Machines using UPI. Till now UPI is mainly used for money withdrawal or Money transfer. Governor Shaktikanta Das today said, this measure will further enhance customer convenience and make the currency handling process at banks more efficient. RBI has also proposed to permit the use of third-party UPI apps for making UPI payments from Prepaid Payment Instruments (PPI) wallets.

This will further enhance customer convenience and boost the adoption of digital payments for small-value transactions.

Mr. Das said RBI is making Central Bank Digital Currency, CBDC-Retail, accessible to non-bank payment system operators. This will also facilitate testing of the resiliency of the CBDC platform to handle multi-channel transactions. RBI will also launch a mobile app for accessing the Retail Direct portal.

This will be of greater convenience to retail investors and deepen the G-sec market. Mr. Das said, with a view to facilitate wider non-resident participation in Sovereign Green Bonds, a scheme for investment and trading in these Bonds in the IFSC will be notified shortly.