New Delhi: The Reserve Bank of India (RBI) on Friday said that UPI users will be allowed to deposit cash through UPIs at ATMs.
Announcing the outcome of the RBI Monetary Policy, RBI Governor Shaktikanta Das said deposit of cash through Cash Deposit Machines (CDMs) is primarily being done through the use of debit cards. Given the experience gained from card-less cash withdrawal using UPI at the ATMs, it is now proposed to also facilitate deposit of cash in CDMs using UPI.
He added that this measure will further enhance customer convenience and make the currency handling process at banks more efficient.
Further, Governor Das said users can also have UPI access for Prepaid Payment Instruments (PPIs) through Third Party Apps.
"At present, UPI payments from Prepaid Payment Instruments (PPIs) can be made only by using the web or mobile app provided by the PPI issuer. It is now proposed to permit the use of third-party UPI apps for making UPI payments from PPI wallets. This will further enhance customer convenience and boost adoption of digital payments for small value transactions," he said.
