RBI gives permission to deposit money in cash deposit machine through UPI

Mumbai: RBI has decided to allow customers to deposit money in Cash Deposit Machines (CDMs) through UPI to increase convenience in transactions. Cash deposit through CDM is currently being done through debit card. RBI Governor Shaktikanta Das said, “Considering the experience of withdrawing cash without card using UPI at ATMs, the facility of depositing cash in CDMs using UPI is now also proposed. “This measure will further enhance customer convenience and make the currency management process in banks more efficient.” Apart from making things easier for customers, banks will also benefit, he said. They currently spend a lot of time depositing cash in their branches.