RBI Deputy Governor Unveils Product Offerings for Transforming ATM Infrastructure at GFF 2024

The Reserve Bank of India (RBI) Deputy Governor Shri T. Rabi Sankar announced the launch of product offerings aimed at transforming the ATM infrastructure in the country.

Unveiled in association with the 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).

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 bank account or any other bank account without the need for a physical card.

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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. ATMs 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, initiating fixed deposits, applying for safe deposit lockers, etc.

Additionally, today at the GFF 2024, Shri Vivek Deep, Executive Director, RBI announced the rebranding of the Bharat Bill Payment System (BBPS) to Bharat Connect.

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 Additionally, the RBI Governor, Shri Shaktikanta Das, announced the launch of two new product offerings built by the National Payments Corporation of India (NPCI) at the Global Fintech Festival (GFF) 2024.

These new offerings include Bharat BillPay (BBPS) for Business, designed to streamline business-to-business (B2B) transactions across different ERPs and accounting platforms, and UPI Circle, which enables delegate payments to users.

These payment solutions are aimed to enhance the inclusivity, security, and efficiency of India’s digital payment ecosystem.

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