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15. UPI-based Cash Deposit Facility

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Published: 11th Apr, 2024

Context

The Reserve Bank of India announced a proposal for a new UPI-based cash deposit facility. 

About

  • UPI has primarily been used for peer-to-peer transactions, bill payments, merchant transactions and other digital payments.
  • Now, with the latest announcement, cash deposit at Cash Deposit Machines (CDMs) using UPI instead of needing an ATM/debit card will be possible.

Fact Box: UPI

  • Unified Payments Interface is a real-time payment system developed by the National Payments Corporation of India (NPCI).
  • It facilitates instant fund transfers between two bank accounts on a mobile platform, without requiring details of the beneficiary’s bank account.

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