Reserve Bank of India (RBI) to Introduce Cash Deposits via UPI

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Shaktikanta Das, RBI Governor
Shaktikanta Das, RBI Governor

INVC NEWS
New Delhi : The Reserve Bank of India Governor Shaktikanta Das said that RBI may soon start the service of depositing money in cash deposit machines through UPI. The Governor made this announcement during the new monetary policy. It is noteworthy that at present there is a facility to withdraw cash from ATM through UPI. You can easily use cashless facility at any bank’s ATM. At present, RBI has announced to start the facility of depositing money in cash deposit machines soon.

However, when will this facility start? No fixed date has been given for this. On behalf of the RBI Governor, it was said that RBI will soon launch the app for Retail Direct. Through this, investors can easily invest in government securities directly with RBI. At present, you can open an account with the central bank to invest directly in government securities through the RBI portal.

In the monetary policy of April 2024, the repo rate has been maintained at 6.5 percent by RBI. Along with this, SDF and MSF have been retained at 6.25 percent and 6.75 percent. Apart from this, the Governor said that the Indian economy remains strong. It is estimated to grow at the rate of 7.6 percent in fiscal year 2024 and 7 percent in fiscal year 2025. Inflation rate may be 4.5 percent in financial year 2025.

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