Now You can Deposit Cash through UPI, No need to go Bank, Know-how

Deposit Cash through UPI: The RBI has introduced a cool new feature! Now, people can use UPI to deposit cash at ATMs and bank branches. Cash deposit through UPI is a big deal because it makes things much easier for everyone. This new way of depositing cash through UPI will make the banking process easier. People can deposit cash without an ATM card.

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Now You can Deposit Cash through UPI, RBI announces

RBI Governor Shaktikanta Das shared this exciting news after the bi-monthly monetary policy committee (MPC) meeting on Friday, April 5, 2024. He explained that following the successful use of UPI for cardless cash withdrawals at ATMs, the RBI plans to extend this service to cash deposits in CDMs. RBI took this step to make the process easier and safer. It will help people a lot. 

You can deposit cash in an ATM without an ATM Card 

Depositing cash through UPI at CDMs is a big step forward. It lets people easily add money to their bank accounts in a simple way. CDMs work like ATMs but also take cash deposits, making them handy for banking outside regular hours. And with UPI, you don’t even need an ATM card to deposit cash, making the process even easier for everyone.

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Deposit Cash through UPI

How to Deposit Cash through UPI, step by step

Here’s how you can deposit cash through UPI at CDMs:

  1. Go to an ATM with CDM functionality and choose the ‘UPI cash withdrawal’ option.
  2. Enter the amount you want to withdraw on the screen.
  3. A QR code will appear on the screen, showing the transaction details.
  4. Use your UPI-enabled smartphone to scan the QR code.
  5. Confirm the transaction by entering your UPI PIN or using biometric authentication.
  6. Once verified, insert the cash into the designated tray or slot.
  7. After the deposit is complete, the ATM will give you a receipt as confirmation.

The RBI wants to make it easier to transfer or receive money. By using UPI technology, cash transactions become smoother and banking becomes better for everyone in India. This step taken by the RBI is aimed at improving banking experiences for people whole country.

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