The Reserve Bank of India (RBI) has recently introduced a transformative feature that will allow bank customers to deposit cash at ATMs using Unified Payments Interface (UPI) apps. This new feature, known as UPI Interoperable Cash Deposit (UPI-ICD), will eliminate the need for a physical debit card or PIN, making the cash deposit process more convenient and accessible.
Until now, depositing cash into a bank account required either visiting a bank branch or using an ATM with a debit card. While the traditional branch visit involved filling out physical forms and waiting in queues, the ATM method, though faster, still required a physical card. Recognizing the need for a more streamlined solution, the RBI has launched the UPI-ICD feature, which was unveiled at the Global Fintech Fest (GFF) 2024 by RBI Deputy Governor T. Rabi Sankar.
The UPI-ICD feature allows customers to deposit cash at ATMs operated by banks and white label ATM operators (WLAOs) using UPI apps, without needing a debit card. This innovative service is expected to roll out gradually across various banks, offering a seamless and inclusive experience for customers.
The introduction of the UPI-ICD feature by the RBI marks a significant step forward in making banking services more user-friendly. As banks gradually roll out this feature, customers will enjoy a more seamless and secure method of depositing cash, all through the convenience of their mobile phones.
Disclaimer: This blog has been written exclusively for educational purposes. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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