Deposit cash at ATMs using UPI: RBI unveils new feature, no debit card needed

RBI introduces a new UPI feature. Now, customers can deposit cash at ATMs without needing a debit card.

Deputy Governor T. Rabi Sankar announced the UPI Interoperable Cash Deposit (UPI-ICD) service at the Global Fintech Fest 2024.

The new feature allows cash deposits into any bank account using UPI at ATMs managed by banks or white-label ATM operators.

To deposit cash, customers use their UPI-linked mobile number, virtual payment address, or account IFSC.

After entering details, customers place cash in the ATM's deposit slot. The deposit gets credited to the chosen account.

UPI-ICD is available only at ATMs with cash recycler technology. These ATMs handle both deposits and withdrawals.

Banks will expand the service to more ATMs over time, enhancing cash deposit convenience.

This feature follows the cardless cash withdrawal via UPI introduced in 2023, further reducing the need for physical cards.

Banks and ATM operators must upgrade their machines to support UPI-ICD, rolling out the feature in phases nationwide.