Reserve Bank of India (RBI) has launched the UPI-ICD facility in collaboration with the National Payments Corporation of India (NPCI). Through this initiative, UPI users will be able to deposit cash at any UPI-ICD enabled ATM
UPI Cash Deposit: A big news has come out for the people using Unified Payment Interface (UPI). Now you will get rid of the hassle of going to the bank to deposit cash in the bank account. You will be able to easily deposit cash in the ATM using any UPI through Interoperable Cash Deposit (ICD). Let us tell you that this facility has been started to end the use of physical debit cards.
RBI started the facility in collaboration with NPCI
Reserve Bank of India (RBI) has started UPI-ICD facility in collaboration with National Payments Corporation of India (NPCI). Through this initiative, UPI users will be able to deposit cash in ATMs with UPI-ICD facility anywhere. In a press release issued on August 29, NPCI said, “The introduction of UPI-ICD allows customers to deposit cash into their bank account or any other bank account without a debit card using UPI at ATMs operated by banks and White Label ATM Operators (WLAOs).
These ATMs are cash recycler machines used for both cash deposits and withdrawals. By leveraging their mobile number, Virtual Payment Address (VPA) and account IFSC linked with UPI, customers can now deposit cash, making the process more seamless, inclusive and accessible.”
How to use
Step 1: Go to a cash deposit machine (CDM) that supports UPI transactions. On the CDM, you will choose the option “UPI Cash Deposit” instead of using a debit card.
Step 2: A QR code will appear on the CDM screen.
Step 3: Open the UPI app on your smartphone to scan the QR code.
Step 4: You will then see the cash deposit amount on the screen. Verify it
Step 5: Select the bank account from your UPI-linked accounts in which you want to deposit cash. Then, enter your UPI PIN and complete the transaction.
Facility available in these banks
Let us tell you that UPI-ICD facility will be gradually implemented in all ATMs. Currently, Axis Bank and Union Bank of India have started this facility for their customers.
