NPCI gets RBI nod to introduce interoperable cash deposit facility

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npci-logoThe National Payments Corporation of India (NPCI) has received in-principle approval from the Reserve Bank of India to introduce interoperable cash deposit facility, of up to Rs.46,999 per customer, using the national financial switch.

“Post final approval from RBI, the pilot launch will be done within three months,” Jayant Sinha, Minister of State in Ministry of Finance said in the Lok Sabha.

The proposed service inter-alia has the facility of participating NFS member banks to deposit cash in other bank’s Cash Deposit Machines (CDMs).

Under Aadhaar Enable Payment System (AEPS), banks are providing Aadhaar Enabled and Inter-operable Micro ATMs to their Business Correspondents which are capable of doing payment services for other banks.

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