Big Changes to UPI: Deposit Cash via UPI at ATMs

In the first credit policy meeting of FY 2024-25 on April 5, 2024, a huge major decision was taken by RBI Governor Shaktikanta Das. He said that we will bring the facility of depositing cash via the Unified Payment Interface (UPI) at ATMs for the People of India.

RBI Governor said that the facility of depositing cash via UPI will be provided under the ATM. In simple language, we can deposit cash via ATM Machine. Where we scan the QR code via UPI which will be displayed by the ATM machine.

Let us know How to Deposit Cash via UPI at ATMs Step by Step:

• Go to an ATM that offers a UPI cash deposit facility.
• Click on UPI Section you will see Deposit cash via UPI.
• QR code will be displayed in the ATM Machine.
• Now Open the UPI Scanner of your Mobile.
• Scan the OR code with the Help of a UPI Scanner.
• You will see your details are visible on the machine.
• Then you insert the cash in the machine it verifies the Cash.
• Finally, if verification details are “OK” the Machine will deposit you Cash.

Advantages of Deposit Cash via UPI.

This facility provides customers make free for making long lines in banks and filling cash deposit forms and it also makes bank currency handling efficient.

Can RBI give the Facility for Third-Party Apps to Use the Interface?

On this RBI Governor said third-party apps like Paytm, Phone-pay, Google-pay, etc. can also use their interface to Deposit Cash via UPI and said RBI has the facility to make payments using Prepaid Payment Instrument (PPI) wallets.