RBI: Interoperable cash deposit machines may soon be reality

MUMBAI:  The Reserve Bank is looking at connecting all cash deposit machines to the National Financial Switch (NFS) which will make them interoperable and allow customers to deposit cash into their accounts from any bank’s machine.  “ATMs are already part of the NFS and now there is a proposal from National Payments Corporation (NPCI) to link all cash depositing machines to the NFS. This will allow any other bank customers to put in money from any machine,” RBI Deputy Governor H R Khan said.  Khan also said that the idea is to encourage alternate banking channels for day-to-day transactions. Meanwhile, the Reserve Bank of India let banks offer term deposit plans without a premature withdrawal facility, with differential interest rates for callable and non-callable deposits. However, the facility is only for deposits above Rs 1.5 mln, below which a premature withdrawal option is a must.