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UPI-based Cash Deposit Facility
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.
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Fact Box: UPI
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