NPCI launches ATM products; BBPS renamed Bharat Connect

economictimes.indiatimes.com:

ATM infrastructure in the country.

NPCI's launches at the Global Fintech Fest included UPI Interoperable Cash Deposit and banks showcasing digital banking units.

The introduction of UPI interoperable cash deposit service will allow customers to use UPI for depositing cash at automated teller machines run by banks and white-label ATM operators either into their own bank accounts or any other bank account without the need for a physical card. Such ATMs are cash recycler machines, used for both cash deposits and withdrawals.

Additionally, RBI announced the rebranding of the Bharat Bill Payment System (BBPS) to Bharat Connect.

ATMs with open architecture can host bank apps, positioning them as digital banking units offering cash deposits, withdrawals and other banking services such as opening bank accounts, applying for credit cards, initiating fixed deposits, and applying for safe deposit lockers.