Live
- World Quality Day: Hindustan Zinc Reaffirms Commitment to Superior Product Quality & Innovation
- Samsung TV Plus Announces the Launch of Four New FAST Channels From Viacom18 Exclusively on Samsung Smart TVs
- Arun Pandey 3.0 set to revolutionise lottery industry with Great Goa Games (GGG)
- How Organisations Can Support Mobile Workforces with Diabetes - From Prevention to Management
- Google Rolls Out Real-Time Spam Detection Feature for Pixel Users
- Marriott international and Samhi hotels announce strategic expansion, sign agreement to open three more properties in india
- Telangana Group-4 Results Declared: 8,084 Candidates Selected for 8,180 Posts
- 2024 Is Shaping Up to Be the Smallest Black Friday Ever: GoDaddy Study
- LG LAUNCHES NEW XBOOM SERIES, WITH POWERFUL SOUND WITH PORTABILITY AND STYLE
- KLH Bachupally's AI and ML Expo Hosts a Fusion of Student Innovation and Industry Expertise
UPI for card-less cash withdrawal at ATMs
Mumbai: In a major decision, the Reserve Bank on Friday said it will soon facilitate cash deposit facility in banks through use of the popular UPI, an...
Mumbai: In a major decision, the Reserve Bank on Friday said it will soon facilitate cash deposit facility in banks through use of the popular UPI, an instant real-time payment system for inter-bank transactions through mobile phones.
The central bank also decided to permit linking of Prepaid Payment Instruments (PPIs like mobile wallets/e-gift cards) through third-party Unified Payments Interface (UPI) applications. Announcing the first bi-monthly monetary policy of the current financial year, RBI Governor Shaktikanta Das said that cash deposit machines (CDMs) deployed by banks enhance customer convenience, while reducing cash-handling load on bank branches. The facility of cash deposit is presently available only through use of debit cards.
“Given the popularity and acceptance of UPI, as also the benefits seen from the availability of UPI for card-less cash withdrawal at ATMs, it is now proposed to facilitate cash deposit facility through use of UPI,” Das said.
Operational instructions will be issued shortly, the RBI said. The RBI has also proposed to permit linking of PPIs through third-party UPI applications to provide more flexibility to users.
