UPI in Cash Deposit Machines: Through UPI there is an opportunity to withdraw money from some ATMs. Similarly, cash deposit through UPI is also available. RBI Governor Shaktikanta Das announced this facility after the RBI Monitoring Policy Committee meeting. You can deposit cash into your account using an ATM card at Cash Deposit Machines (CDM). Now for this..
UPI in Cash Deposit Machines: Through UPI there is an opportunity to withdraw money from some ATMs. Similarly, cash deposit through UPI is also available. RBI Governor Shaktikanta Das announced this facility after the RBI Monitoring Policy Committee meeting. You can deposit cash into your account using an ATM card at Cash Deposit Machines (CDM). Now in addition to this cash deposits can be made by logging into these machines through UPI. RBI will reveal more information or guidelines in this regard soon.
RBI is likely to implement this move to popularize the use of CDM. You can find cash deposit machines in bank offices. Some specific ATM centers also have CDMs. Through this CDM, you can avoid wasting time while standing in queues in banks and making cash deposits. These CDMs remain open even when the bank office doors are closed. This will benefit the consumers.
Announcement of other schemes by RBI: Launch of a scheme for buying and selling of Sovereign Gold Bonds at the International Financial Services Center (IFSC).
Retail Direct Scheme: The mobile app launched the Retail Direct Scheme in 2020 for retail investors to invest in government securities. It has an official portal. RBI has also released a mobile app.
PPI to UPI Payment through Third Party App: To make UPI payments through Prepaid Payment Instruments (PPIs) like Paytm, PhonePe etc., the platform of those PPIs should be used. Now RBI has allowed third party UPI apps to be used for this purpose.
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