Namastey 🙏🏻🇮🇳
Hello Friends, How are you all?? Wishing you all Happy and prosperous life ahead.
Reserve Bank of India(RBI) launches new feature, to deposit cash at ATM, without going to bank. Technology has advanced so far that it was never even imagined. I had never thought that we would be able to deposit money through an ATM machine now. The pace at which technology is progressing is much faster than the development that is taking place in my India.Like there are not so many educated people in India, yet they are using advanced technology. Like making payment online has become very easy for everyone.
This new UPI interoperable cash deposit (UPI-ICD) feature was recently introduced by RBI Deputy Governor T Rabi Sankar at the Global Fintech Fest (GFF) 2024.
Now you deposit money from ATM but you will not need a physical card, with the help of UPI you can deposit money easily. The Reserve Bank of India (RBI) has launched a new feature allowing bank customers to deposit cash at bank ATMs without debit card and PIN. This is a great feature, now we will not have to go to the bank and stand in long queues or even Now you can deposit money in ATM whenever you want and now there is no limit of 5:00 P.M not even wait for Monday as every Second and fourth Saturday and Sunday banks are closed, you can go and deposit money whenever you want.
Now customer have two options to deposit money, either go to the bank and deposit the money through through a bank employee, paper process Or Go to the ATM, Enter the UPI (unified Payment Identity), or Scan the QR Code on the CDM (cash deposit machines)with the UPI App,Enter the number of currency notes for each denomination (like Rs 100, Rs 500). and then Verify the amount being deposited through the app, Enter the UPI Pin in your Mobile App, then CDM will issue you the recieving receipt like when you withdraw with ATM. These ATMs are cash recycler machines which are used for both cash deposits and withdrawals.
This process is as easy and time saving as it seems. But it may not be so much, the machine can go wrong anytime,And sometimes it may happen that the ATM does not accept our Currency,or it can be network issue or there is a great need for safety security for this type of Deposit. So let's see how amazing this feature works in the future. This new feature sounds very good but As we will use it, we will also come to know about its drawbacks with time.
The more we take advantage of technology, the more we get easy life, but because of this we are becoming lazy and reducing physical activity. Somewhere or the other, this technology is destroying human work and even Killing the Jobs. Due to which there unemployment Rising in the India. And with the advent of such amazing features, people are becoming smart and learning to use technology. Because it is very important to bring changes with time, whoever has money in his pocket, is totally risky and online transaction somewhere, online payment has made our life easy and protected.
