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Hello Magic Nation Fans!  

Good News for UPI Users introducing the UPI Interoperable Cash Deposit (UPI-ICD) service!

 The Reserve Bank of India (RBI) has just launched this innovative feature at the Global Fintech Fest 2024. Now, you can deposit cash at ATMs using UPI without needing a physical debit card! Here's how it works: 

How UPI-ICD Works:

• Locate a Compatible ATM: Look for ATMs with cash recycler technology*, which handle both deposits and withdrawals.

• Select Cash Deposit: At the ATM, choose the “Cash Deposit” option.

• Enter UPI Details: Input your UPI-linked mobile number or virtual payment address (VPA) and the account’s IFSC code.

• Insert Cash: Deposit the cash into the ATM's deposit slot.

• Confirmation: The ATM processes the deposit and credits the specified account.

• Benefits of UPI-ICD:

• Enhanced Convenience: No more cards needed—just your UPI! Save time and streamline your cash deposit process.

• Greater Inclusivity: Makes banking accessible to more people, especially those without or preferring not to use physical cards.

• Improved Efficiency: Optimizes cash management for banks, reducing the reliance on physical cash handling.

  

Implementation Timeline:

 - Banks and ATM operators will need to upgrade their machines to support UPI-ICD.- The feature will roll out in phases, ensuring widespread availability across the nation, according to the National Payments Corporation of India (NPCI).
 

Great information 

Good  

 UPI enabled CDM, never saw that coming.

Not useful for me but helpful for a lot of people.