New UPI feature: Now you can make cash deposit through UPI, RBI announcement

Now you will be able to deposit money from cash deposit machine through UPI i.e. Unified Payment Interface. Central Reserve Bank Governor Shaktikanta Das has given information in this regard. Describing the results of the first bi-monthly monetary review meeting of the current financial year, Shaktikanta Das said that RBI has proposed to provide the facility of cash deposits through UPI. Although this facility has not been explained in detail, this is the second major effort of the Central Reserve Bank in the direction of cashless deposits. Let us tell you that at present cashless deposit is being done only through debit card.

Freedom from carrying cash

This is also a matter of relief for those customers who reach the cash deposit machine with cash. Usually customers take cash and deposit it in someone else’s bank account through a cash deposit machine. Since this process is done through UPI, you will not need to carry cash. This means that a scanner will come on your cash deposit machine and after necessary verification, you will be able to scan and deposit the money. The introduction of this facility will provide great relief to those people who are afraid of taking huge amounts of money to the bank’s deposit machine.

Solution to note problem

It is often seen that even valid notes are not accepted in cash deposit machines. In such a situation, choosing the right note is a big challenge. With the introduction of UPI facility, this problem of customers will also be solved.