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New Delhi: RBI Deputy Governor T. Rabi Sankar announced new initiatives to transform India’s ATM infrastructure during the Global Fintech Fest – GFF 2024. In collaboration with the National Payments Corporation of India (NPCI), the RBI introduced UPI Interoperable Cash Deposit (UPI-ICD) and showcased Digital Banking Units (DBUs).
UPI-ICD allows customers to deposit cash at ATMs operated by banks or white-label ATM operators (WLAOs) using UPI, eliminating the need for physical cards. These cash recycler machines support deposits and withdrawals, making the process more seamless and inclusive. Customers can leverage their UPI-linked mobile numbers, virtual payment addresses (VPA), and account IFSCs for cash deposits.
As banks gradually roll out these features, ATMs with open architecture will also serve as DBUs, offering a range of banking services. At GFF 2024, RBI Executive Director Vivek Deep announced the rebranding of the Bharat Bill Payment System (BBPS) to Bharat Connect.
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