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.

Interoperable cash deposit approved in principle subject to conditions, with a pilot to follow after final clearance. In-principle approval has been granted for an Interoperable Cash Deposit facility within the National Finance Switch, subject to regulatory conditions; participating banks would accept deposits for other banks via Cash Deposit Machines with a per-transaction cap, and a pilot rollout is planned after final clearance.