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Friday 6 March 2020

No need to go to bank to deposit money in account, money can be deposited in any bank ATM

No need to go to bank to deposit money in account, money can be deposited in any bank ATM

People will soon get special banking facility. Under this, customers of one bank will be able to deposit cash at another bank branch or ATM. The National Payment Corporation of India (NPCI) has already started preparations for this. For this, proposals have been sent in this regard to all the major banks of the country. NPCI believes that after the implementation of this system, the cost of cash operations will decrease, which will benefit the banking system.

you can soon deposit cash at any atm soon

Will work on the National Financial Switch system

The NPC says this could be done through a national financial switch. The Unified Payment Interface (UPI) was implemented similarly. This new technology has been developed by the Institute for Development and Research in Banking Technology (IDBRT).

Both the bank and the customer will benefit
Deposit cash in ATMs will benefit the bank as well as the customers as the money deposited in the customer's ATM machine can also be used for withdrawals. The ATM does not have to pay the cash frequently. In the first phase, more than thirty thousand ATMs of 14 major banks will be upgraded. This does not require changing the hardware of the ATM.
Currently, this facility is available in many banks
Currently, such facilities are operating in Union Bank, Canara Bank, Andhra Bank and South Indian Bank. However, customers will also have to pay a fee to avail this feature. You have to pay Rs 25 on a deposit up to Rs 10,000 and Rs 50 on a deposit above Rs 10,000.