LawLoveLegal

RBI Proposes Cash Deposit via UPI and Widens Scope of CBDC RBI's Proposal for Cash Deposits via UPI: The Reserve Bank of India (RBI) has put forth a proposal to facilitate cash deposits in banks through the Unified Payment Interface (UPI) mechanism. Currently, cash deposits in Cash Deposit Machines (CDMs) primarily rely on debit cards. However, building on the success of card-less cash withdrawal using UPI at ATMs, the RBI aims to extend this functionality to cash deposits as well. RBI Governor Shaktikanta Das emphasized that enabling cash deposits via UPI would enhance customer convenience and streamline currency-handling processes at banks. Expansion of UPI Payments through PPI Wallets: In addition to cash deposits, the RBI has proposed allowing UPI payments through Prepaid Payment Instruments (PPI) wallets. Presently, UPI payments from PPIs are limited to using the web or mobile apps provided by the PPI issuer. The proposed measure seeks to permit the use of third-party UPI apps...