NE BUSINESS BUREAU
CHENNAI, AUG 30
Reserve Bank of India (RBI) Deputy Governor T Rabi Sankar on Friday announced the launch of product offerings aimed at transforming the ATM infrastructure in the country. Unveiled in association with National Payments Corporation of India (NPCI) at the Global Fintech Fest (GFF) 2024, the initiatives include UPI Interoperable Cash Deposit (UPI-ICD) and banks showcasing Digital Banking Units (DBUs).
Big announcements from #GFF24!
RBI Deputy Governor Shri T. Rabi Sankar announced innovative steps towards transforming the ATM infrastructure in India.
Launches include UPI Interoperable Cash Deposit (UPI-ICD) at ATMs with Banks showcasing Android-based Digital Banking Units… pic.twitter.com/kwmPzWgSq1— NPCI (@NPCI_NPCI) August 29, 2024
The introduction of UPI ICD allows customers to deposit cash at ATMs operated by banks and white label ATM operators (WLAOs) using UPI to their own bank account or any other bank account without the need for a physical card. These ATMs are cash recycler machines which are used for both cash deposits and withdrawals. Leveraging their mobile numbers linked to UPI, virtual payment addresses (VPA) and account IFSCs, customers can now do cash deposits, making the process more seamless, inclusive and accessible. Consumers will be able to access these features as the banks gradually roll them out.
- RBI Executive Director announces rebranding of NBBL’s BBPS Platform to Bharat Connect
- RBI Deputy Governor launches include UPI Interoperable Cash Deposit at ATMs
- Leveraging their mobile numbers linked to UPI, virtual payment addresses (VPA) and account IFSCs, customers can now do cash deposits, making the process more seamless, inclusive and accessible
ATM machines with open architecture can host bank apps positioning them as DBUs offering cash deposits, withdrawals and other banking services such as opening bank accounts, applying for credit cards, initiate fixed deposits, applying for safe deposit lockers, etc.
Additionally, today at the GFF 2024, Vivek Deep, Executive Director, RBI announced rebranding of Bharat Bill Payment System (BBPS) to Bharat Connect. This is an important step to refresh and strengthen BBPS brand. Bharat Connect embodies NPCI Bharat BillPay Limited’s (NBBL’s) values and vision for stakeholders and customers, going beyond a bill payment system to create an ecosystem that connects individuals and businesses, through an integrated platform.
The launches took place in the presence of Ajay Kumar Choudhary, Non-Executive Chairman and Independent Director, NPCI.
