The cash deposit machine allows people to deposit cash directly into the bank account using the debit card, instead of having to visiting the branch.
It’s similar to an ATM (automated teller machine) but instead of giving out cash, a cash deposit machine takes in cash.
The Reserve Bank of India (RBI) has said that it would allow people to use the unified payments interface (UPI) instead of the debit card.
How it would work?
The cash deposit machine has a slot that reads the debit card. Customers will now have the option of using the UPI interface instead of debit card if they wish to.
Once the customer is identified, there’s another slot to count the cash that’s being deposited using sensors.
Once it’s verified, the amount is credited to the customer’s bank account. “Given the experience gained from cardless cash withdrawal using UPI at the ATMs, it is now proposed to facilitate deposit of cash in cash deposit machines using UPI. This measure will further enhance customer convenience and make currency handling process at banks more efficient,” RBI Governor Shaktikanta Das said.
Cardless cash deposit is available even now
Even now customers can deposit cash without using a debit card.
Once the customer has entered the bank account number on the cash deposit machine, it asks for the registered mobile number for confirmation before allowing you to drop the cash.
