Proposal for Introducing ‘Interoperable Cash Deposit’ in National Finance Switch (NFS) Gets in Principle Approval from RBI Subject to Certain Conditions

National Payments Corporation of India (NPCI) has informed that it submitted a proposal for introducing “Interoperable Cash Deposit” in National Finance Switch (NFS) and has received in principle approval from Reserve Bank of India (RBI) subject to certain conditions. The proposed service inter-alia has the facility of participating NFS member banks to deposit cash in other bank’s Cash Deposit Machines (CDMs) with cash deposit limit of ₹ 46, 999/- per transaction.

 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. NPCI has informed that post final approval from RBI, the pilot launch will be done within three months of such approval.

 This was stated by Shri Jayant Sinha, Minister of State in Ministry of Finance in written reply to a question in the Lok Sabha today.