The Reserve Bank of India (RBI) will soon enable cash deposits through Cash Deposit Machines using Unified Payments Interface (UPI).
UPI, previously mainly used for money withdrawal or transfer, will now facilitate cash deposits, enhancing customer convenience and efficiency in currency handling at banks.
RBI is proposing to permit the use of third-party UPI apps for making UPI payments from Prepaid Payment Instruments (PPI) wallets, further boosting digital payment adoption for small-value transactions.
Q: What new functionality will the Reserve Bank of India (RBI) enable through Cash Deposit Machines (CDMs) using Unified Payments Interface (UPI)?
a) Money withdrawal
b) Money transfer
c) Cash deposits
d) Currency exchange
Ans : c) Cash deposits
