ATMs now allow cash deposits without a physical card! The Reserve Bank of India (RBI) now allows customers to deposit cash at bank ATMs without using a debit card or PIN
Consumers can use cash deposit machines (CDMs) and Unified Payments Interface (UPI) apps to deposit cash at ATMs.
Deputy Governor T Rabi Sankar of the RBI recently revealed the new UPI interoperable cash deposit (UPI-ICD) functionality at the Global Fintech Fest (GFF) 2024.
According to an NPCI release, “the introduction of UPI ICD allows customers to deposit cash at ATMs operated by banks and white label ATM operators (WLAOs) using UPI to their own bank account or any other bank account without the need for a physical card.”
Consumers will be able to access the new feature as the banks gradually roll it out.
Also Read: How to Deposit Cash at ATMs Using Unified Payments Interface (UPI) Apps