The Reserve Bank of India’s (RBI) Deputy Governor, T Rabi Sankar has announced a series of innovative product offerings aimed at transforming the country’s ATM infrastructure. These initiatives, unveiled in collaboration with the National Payments Corporation of India (NPCI) at the Global Fintech Fest (GFF) 2024, include the launch of UPI Interoperable Cash Deposit (UPI-ICD) and the introduction of Digital Banking Units (DBUs).
The UPI-ICD feature enables customers to deposit cash at ATMs operated by banks and white-label ATM operators (WLAOs) using UPI. This allows deposits into their own bank accounts or any other bank accounts without needing a physical card. These advanced ATMs, known as cash recycler machines, facilitate both cash deposits and withdrawals. By using their mobile numbers linked to UPI, virtual payment addresses (VPA) and account IFSCs, customers can now make cash deposits more seamlessly, inclusively and accessible. Banks will gradually roll out these features to consumers in the coming months.
Additionally, the new ATM machines with open architecture will be able to host bank apps, positioning them as Digital Banking Units (DBUs). These DBUs will offer a range of services, including cash deposits, withdrawals and other banking functions such as opening bank accounts, applying for credit cards, initiating fixed deposits and applying for safe deposit lockers.
Vivek Deep, Executive Director at RBI also revealed the rebranding of the Bharat Bill Payment System (BBPS) to Bharat Connect. This rebranding effort aims to refresh and strengthen the BBPS brand, reflecting NPCI Bharat BillPay Limited’s (NBBL’s) commitment to its stakeholders and customers. Bharat Connect aims to go beyond bill payments, creating an ecosystem that connects individuals and businesses through a unified platform.
