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Deposit cash at ATMs using UPI with RBI’s new UPI-ICD

The Reserve Bank of India (RBI) has introduced UPI Interoperable Cash Deposit (UPI-ICD), allowing customers to deposit cash at ATMs using UPI without a debit card, by linking their mobile number, Virtual Payment Address, or bank IFSC code to the deposit, making the process more seamless and accessible.

News Arena Network - New Delhi - UPDATED: August 30, 2024, 03:58 PM - 2 min read

Deposit cash at ATMs using UPI with RBI’s new UPI-ICD

RBI Deputy Governor Shri T. Rabi Sankar launched the UPI Interoperable Cash Deposit (UPI-ICD) feature at ATMs, alongside banks showcasing Android-based Digital Banking Units (DBUs).

The Reserve Bank of India (RBI) has introduced a new feature allowing customers to deposit cash at ATMs via the Unified Payments Interface (UPI), eliminating the need for a debit card.

The UPI Interoperable Cash Deposit (UPI-ICD) feature was unveiled by RBI Deputy Governor T Rabi Sankar at the Global Fintech Fest 2024 on Thursday.

UPI-ICD enables cash deposits at ATMs equipped with this functionality, which are designed as cash recycler machines for both deposits and withdrawals.

Customers can use their mobile numbers linked to UPI, Virtual Payment Addresses (VPA), or their bank account IFSC codes to make deposits. The deposited funds can be credited to the customer's own bank account or any other account.

NPCI, in a press release, described the feature as a significant enhancement in banking convenience, making the cash deposit process more seamless and inclusive. The feature will be available at ATMs operated by banks and white label ATM operators (WLAOs).

To use UPI-ICD, customers should locate an ATM with cash recycler functionality, select the cash deposit option, and input their UPI-linked mobile number, VPA, or bank IFSC code. After inserting the cash, the machine will process the deposit and credit the amount to the designated account. Banks will implement the feature gradually.