As you know we can withdraw Cash from any bank ATM machine using any bank ATM card. Now soon you will be able to deposit cash in your bank account through any ATM machine. Reserve Bank of India (RBI) has given its assent to a pilot project with three banks.
Dilip Asbe, chief operating officer at National Payments corporation of India (NPCI) said that we have got green signal from RBI for a pilot project which we will start by 2nd week of august with three banks. We will be using dual machines with both cash depositing as well as cash dispensing facility and check how smoothly interoperable transactions are getting done.
Which three banks shortlisted for this project :
Union Bank of India, Andhra Bank and Punjab and Maharashtra Cooperative Bank has been shortlisted for this pilot project and which will be undertaken over the next 2-3 months by NPCI.
What is NPCI :
National Payments Corporation of India (NPCI) is an umbrella organization for all retail payments system in India. It was set up with the guidance and support of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA).
What will be benefits of this project :
If this pilot project becomes success then it will solve the branch duplication and save the costs of banks.
After its implementation, teller machines with cash depositing facility installed in ATM kiosks will be connected thorough National Financial Switch working in a completely interoperable manner.
Any bank customer can walk into any bank’s kiosk and deposit cash into the savings account of their own bank.
What will be interchange fees for transactions :
For transactions up to Rs10,000, the fee will be Rs 25/-
For any amount above that till Rs50,000, the charge will be Rs 50/-