You will be able to deposit money in your account from any bank's ATM

HIGHLIGHTS: Soon you will be able to deposit money in the account through the ATM of any bank near you. For this, the National Payment Corporation of India (NPCI) has developed a new feature. Now NPCI is insisting on introducing new features on banks.

According to an ET report, NPCI is now looking to introduce a rupee deposit facility after the facility to make payments from one bank to another through the Unified Payments Interface (UPI). For this, NPCI has prepared National Financial Switch (NFS). This switch has been prepared by the Institute for Development and Research in Banking Technology (IDRBT). The introduction of an interbanking deposit system through this switch will reduce the cost of handling the currency for the banking sector. Apart from this, introduction of cash deposit facility through ATMs will also reduce the cost of putting cash in the ATM. The reason for this is that the amount deposited in the ATM can also be used for withdrawal.

Government and big private banks asked to join NFS

The report quoted a private banker as saying that NPCI has asked all government and big private banks to join the NFS. According to the report, 14 banks are currently live on the interoperable cash deposit network. NPCI estimates that if banks adopt this switch, about 30,000 ATMs of big banks can be immediately upgraded to interoperable deposit machines.

Source: Web