RBI, NPCI launch UPI feature that lets customers make cardless cash deposits at ATMs

Customers can now use any UPI app to deposit cash at ATMs, without the need of debit cards or any other physical cards. The UPI Interoperable Cash Deposit (UPI-ICD) feature was launched by T Rabi Shankar, the deputy governor of the Reserve Bank of India, at the Global Fintech Fest (GFF) 2024 held in Mumbai, Maharashtra, on Thursday, August 29.

With UPI-ICD, customers have the option of cardless cash deposits via UPI. However, the feature is only available at ATMs that can be used to deposit and withdraw cash (cash-recycler machines). Cardless cash withdrawals via UPI had been enabled back in 2023.