RBI MPC : In the near future, cash can be deposited through UPI. RBI Governor Shaktikanta Das said this in the announcement of the first monetary policy for the financial year 2024-25. Shaktikanta Das said, considering the popularity of UPI, there is now a provision to provide cash deposit facility through it. This facility will be available in CDM (Cash Deposit Machine).
At present debit card is used to deposit money through CDM. Currently, cash withdrawal facility is available along with payment through UPI. Considering the convenience of the customers, RBI stated that the cash deposit machines installed by the banks reduce the burden of cash handling on the bank branches while increasing the convenience of the customers. Cardless cash withdrawals have grown in popularity. Cash withdrawal facility through UPI was launched on September 5, 2023. Considering that now it is proposed to provide cash deposit facility. Work on which will start soon.
There is also a provision to make UPI payments through prepaid wallets. In which UPI payments will be allowed to use third party apps. Shaktikanta Das stated that this will help PPI card holders to make UPI payments just like bank account holders.
Unified Payment Interface ie UPI was launched in 2016. Virtual Payment Address enables payment without the help of KYC, Bank Account Number, Bank Name or IFSC. All types of payments are made possible with the help of UPI ID. Payments can be made via QR code scan and pay, UPI via mobile-account number, voice command, and BillPay Connect.
