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NPCI wants to make cash deposit machines interoperable

The National Payments Corporation of India (NPCI) is looking to make cash deposit machines interoperable. Currently, the NPCI has three banks - Andhra Bank, Union Bank of India and the Punjab and Maharashtra Co-op bank - have signed on for a pilot by the NPCI and it added that more banks will be joining in. Starting with 3 banks but the goal is to make all cash deposit machines in the country inter operable. pic.twitter.com/PzL6bRIDVb — Abhaya Prasad Hota (@aphota) August 24, 2016 Now, customer of these banks can deposit cash in any of these banks' accounts through ATMs. This is done through the National Financial Switch (NFS), India’s largest network of shared and interconnected ATMs developed by the Institute for Development and Research in Banking Technology and managed by the NPCI. As of July 2016, there are 226,816 ATMs in NFS’ network which includes commercial banks, co-operative banks, regional rural banks and white label ATM operators. The proposal to link all cash deposit machines was first expressed by the Reserve Bank of India, as indicated by this Press Trust of India report. Cash usage in India continues to be dominant and according to the Reserve Bank of India 90% of transactions are still done through cash and it issued Rs 13,00,000 crore  in notes in FY 2013-14. A recent paper from the RBI also said that debit card usage at ATMs is quite high. From April 2015 to December 2015, the usage of debit cards at ATMs accounted for around 88% of the total volume and…

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