New feature: Deposit cash at ATMs via UPI, no debit card required

The Reserve Bank of India (RBI) has launched a feature that allows customers to deposit cash at ATMs using the Unified Payments Interface (UPI) without the need for a debit card. UPI Interoperable Cash Deposit (UPI-ICD), was unveiled by RBI Deputy Governor T Rabi Sankar at the Global Fintech Fest 2024 on Thursday.

What is UPI-ICD

It allows customers to deposit cash at ATMs without a physical card and through the Unified Payments Interface (UPI), a widely used digital payment system.