Team Blitz India
NEW DELHI: In a major decision, the Reserve Bank of India (RBI) said on April 5 that it will soon facilitate cash deposit facility in banks through use of the popular UPI, an instant real-time payment system for inter-bank transactions through mobile phones.
The central bank also decided to permit linking of Prepaid Payment Instruments (PPIs) through third-party Unified Payments Interface (UPI) applications.
Announcing the first bi-monthly monetary policy of the current financial year, RBI Governor Shaktikanta Das said that cash deposit machines (CDMs) deployed by banks enhance customer convenience while reducing cash-handling load on bank branches.
The facility of cash deposit is presently available only through use of debit cards.
