Making a big announcement during the unveiling of the first monetary policy statement for the financial year 2024-25, the Reserve Bank of India Governor Shaktikanta Das on Friday announced a proposal for a new UPI-based cash deposit facility that will help the people to deposit cash at Cash Deposit Machines (CDMs) using your UPI instead of needing an ATM/debit card.The main uses of UPI at the moment are bill payments, merchant transactions, peer-to-peer transactions, and other digital payments. With the most recent release, you may now use your UPI to deposit cash at Cash Deposit Machines (CDMs) rather than requiring an ATM or debit card.UPIs ease, speed, and compatibility have made it extremely popular in India and have helped to propel the expansion of digital payments there. In the future, the RBI is probably going to provide more information on how this mechanism operates.While addressing the conference, RBI Governor emphasized on the reduction of the cash handling load on bank branches. The facility is currently available only with debit cards. #WATCH | RBI Governor Shaktikanta Das says, Next announcement relates to enabling UPI for cash deposit facility. Deposit of cash through Cash Deposit Machines, that is CDMs, is primarily being done through the use of debit cards. Given the experience gained from cardless cash… pic.twitter.com/hQgJW6ISkb— ANI (@ANI) April 5, 2024In addition to this the RBI has also proposed the launch of a mobile app for accessing the Retail Direct portal that will help increasing convenience for retail investors. The Retail direct scheme was launched in November 2021.
