The National Payments Corporation of India (NPCI) on August 16, 2024, issued the notification regarding the Enablement of Interoperable Cash Deposit using UPI at Cash Deposit/Recycler Machines.
The following has been stated namely: -
• The functionality to facilitate Interoperable Cardless Cash Deposits using UPI has been introduced.
• The facility can be provided at Cash deposit/Cash re-cycler machines (CDMs) deployed by the banks and White Label ATM Operators (WLAOS).
• The Key Features are namely: -
o Customers can deposit cash in any participating banks' or WLAOs' CDMs enabled for UPI-ICD.
o UPI-ICD functionality shall facilitate own account (self) as well as third-party account deposits. For third-party deposits, the beneficiary's UPI Number (mobile no.) or UPI Virtual Payment Address (VPA) or Account Number + IFSC shall be supported as identifiers.
o The transaction limit for UPI-ICD shall be less than Rs. 50,000/- per transaction.
• Members shall ensure that the transaction details captured in the narration and the transaction notification (SMS/WhatsApp/Email) received by the beneficiary will indicate that it is a cash deposit transaction and will have the details of the depositor.
[Notification No. NPCI/2024-25/NFS/421]
