RBI’s Big Announcement: Soon, You Can Deposit Cash at ATMs Through UPI

Seeing the success of Cardless Cash Deposits, the RBI has made a significant move. You no longer need a debit card to deposit money in an ATM. While many banks already facilitate cardless deposits, the RBI has gone a step further by adding the option to deposit money using UPI. Governor Shaktikanta Das made this announcement during the Reserve Bank’s monetary policy review on Friday. This allows people to deposit money easily.

However, the banks have yet to specify how it will function. Later, clear guidelines will be issued by the Reserve Bank and then the banks will start this service. Then possibly this arrangement will be done using QR code. The service’s launch date has yet to be revealed.

However, the benefits are greater because using this facility eliminates the need to wait for bank hours. You can always deposit money effortlessly. Before a few days, the RBI allowed people to withdraw money using UPI.