New Delhi: Forgetting your ATM card is now a problem of the past! The Reserve Bank of India (RBI) in association with National Payments Corporation of India (NPCI) launched UPI Interoperable Cash Deposit (UPI-ICD) which allows customers to deposit cash at ATMs operated by banks. IT was launched at the Global Fintech Fest (GFF) 2024.
“The introduction of UPI ICD allows customers to deposit cash at ATMs operated by banks and white label ATM operators (WLAOs) using UPI to their own bank account or any other bank account without the need for a physical card. These ATMs are cash recycler machines which are used for both cash deposits and withdrawals. Leveraging their mobile numbers linked to UPI, virtual payment addresses (VPA) and account IFSCs, customers can now do cash deposits, making the process more seamless, inclusive and accessible,” NPCI stated.
UPI Interoperable Cash Deposit (UPI-ICD): You can now deposit cash at ATMs by just using UPI. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
