MUMBAI: In a major decision, the Reserve Bank on Friday said 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.
Source :- https://www.ptinews.com/story/business/Cash-deposit-facility-in-banks-through-use-of-UPI-soon–RBI/1407055
