National Payments Corporation of India has received a green signal from the Reserve Bank of India to pilot a facility that will allow to deposit cash into savings account using any bank’s ATM. The project will piloted with Union Bank of India, Andhra Bank and the Punjab and Maharashtra Cooperative Bank. NPCI chief operating officer Dilip Asbe said the pilot will start by the second week of August. He said they will be using dual machines with both cash depositing as well as cash dispensing facility and check how smoothly interoperable transactions are getting done. For transactions up to Rs10,000, the fee will be Rs 25 and for any amount above that till Rs 50,000 the charge will be Rs 50. ATMs with cash depositing facility installed in ATM kiosks will be connected through the National Financial Switch working in a completely interoperable manner. Bank customers can deposit cash through any bank’s kiosk into the savings account of their own bank.
