RBI Launches UPI-ICD: Deposit Cash at ATMs Without a Debit Card
The Reserve Bank of India (RBI) has introduced a new feature to enhance digital banking, allowing customers to deposit money at ATMs without needing a debit card. This new facility, called UPI Interoperable Cash Deposit (UPI-ICD), is designed to simplify and expedite cash deposits through UPI, using a mobile number or Virtual Payment Address (VPA) instead of a card.
How Does the UPI-ICD Feature Work?
RBI Deputy Governor T. Rabi Shankar launched the UPI Interoperable Cash Deposit (UPI-ICD) service during the Global FinTech Fest 2024 in Mumbai. This feature allows customers to deposit cash directly into their own or someone else’s account through an ATM, whether it is a bank-operated ATM or a white-label ATM.
How to Use UPI-ICD
Using the UPI-ICD feature is straightforward. Follow these simple steps:
- Visit an ATM that supports the UPI-ICD feature.
- Select the Cash Deposit option on the ATM screen.
- Enter your UPI-linked mobile number or Virtual Payment Address (VPA).
- Deposit cash into the ATM’s cash deposit slot.
- The ATM will process the cash and deposit it into the selected account.
Availability of the Facility
Currently, this facility is available only at ATMs equipped with cash recycling technology, which means ATMs that offer both cash deposit and withdrawal services. Banks will gradually roll out this feature across their ATMs to benefit a larger customer base.
Another Step Towards Cardless Banking
The UPI-ICD feature extends the UPI cardless cash withdrawal capability introduced in 2023. Previously, customers could withdraw cash using UPI without a debit card; now, they can also deposit cash digitally and cardlessly. This development simplifies and speeds up the banking process.
What NPCI Says
The National Payments Corporation of India (NPCI) stated that customers can now deposit cash at ATMs using their UPI-linked mobile number, Virtual Payment Address (VPA), and IFSC code. This innovation makes banking processes more accessible and convenient, advancing the shift towards cardless banking.
The RBI’s new feature represents a significant step toward simplifying banking processes and promoting digital payments.
