Business News / How will you be able to deposit cash through UPI? Know the step-by-step process here

Business News: Reserve Bank of India (RBI) will soon provide the facility of depositing money in cash deposit machines through UPI (Unified Payment Interface). Additionally, it is also proposed to allow PPI (Prepaid Payment Instruments) card holders to make UPI payments through third party UPI apps like bank account holders. Now the big question is how will you be able to take advantage of this facility. If you are confused about this, then we are telling you how you will be able to take advantage of this facility.

In this way you will be able to deposit cash through UPI

• First of all you have to go to the ATM/bank branch which has a cash deposit machine.
• After this, UPI cash deposit option will have to be selected in that ATM.
• Then you have to enter the amount you want to deposit. By doing this a QR code will appear on the screen of that ATM.
• After this you have to open the UPI app on your phone and scan the QR code displayed on the screen of the CDM.
• To deposit money the currency notes have to be placed inside the vent to be counted and accepted in the machine.
• After this the transaction will be completed and it will be confirmed on the machine as well as on your UPI app that your money has been credited.

Use of debit card is necessary now

At present one has to use debit card to deposit money in cash deposit machine. According to RBI, while the use of cash deposit machines by banks through UPI has increased the convenience of customers, it will also reduce the pressure of depositing cash in bank branches. Therefore, now in view of the popularity and acceptability of UPI, it has been proposed to provide the facility of depositing cash without card. Additionally, it is also proposed to allow the use of third party UPI apps to make UPI payments from PPI (Prepaid Payment Instruments) wallets.