TJSB Sahakari Bank has scripted history by becoming the first bank in India to go live as a UPI-ICD (Interoperable Cash Deposit) Acquirer, marking a major stride in India’s cooperative banking digital journey. This achievement underscores the bank’s leadership in deploying innovative, customer-friendly technology within the cooperative banking space.
The UPI-ICD framework, launched by the National Payments Corporation of India (NPCI), allows customers to deposit or withdraw cash at any participating bank’s cash machine using a simple UPI QR code, no debit card or bank-specific verification required. This interoperability ushers in a new era of convenient, secure, and inclusive access to cash services.
As part of this innovation, TJSB Bank’s PERTO Android Cash Recycler Machine is being showcased by NPCI at the Global Fintech Fest 2025, being held from October 7 to 9 at the Jio World Convention Centre, Mumbai. The PERTO Android machine doubles as a UPI ATM and UPI Interoperable Cash Deposit, allowing users of any ICD or ICCW-enabled bank to perform cash transactions seamlessly through their preferred UPI apps.
The initiative represents a transformative leap in UPI infrastructure, bringing together digital convenience and physical cash handling. Customers can now withdraw or deposit money using a simple QR scan, eliminating traditional bottlenecks and reducing dependency on cards or bank-specific ATMs.
Echoing his views, Sharad Gangal, Chairman of TJSB Bank, added, “Becoming India’s first UPI-ICD Acquirer is a proud moment for the entire TJSB family. It reaffirms our commitment to innovation and to staying ahead in the cooperative banking ecosystem.”
“This achievement reflects TJSB Bank’s continuous pursuit of technological advancement and customer-centric banking,” said Nikhil Arekar, Managing Director & CEO, TJSB Sahakari Bank. “We are proud to operationalize UPI-ICD and offer customers of ICD-enabled banks truly interoperable cash services.”
Through this initiative, TJSB Sahakari Bank strengthens India’s push toward a digitally empowered financial ecosystem, where physical and digital cash interactions merge seamlessly.
Established in 1972, TJSB Sahakari Bank is among India’s leading multi-state cooperative banks, with a strong presence across Maharashtra, Goa, Karnataka, Gujarat, and Madhya Pradesh. Renowned for its digital-first approach and service excellence, the bank continues to redefine cooperative banking through innovation, efficiency, and customer trust.
Heartiest congratulations to entire team of TJSB & Sharad Gangal Sir👏👏👏👏for this innovative feat. We are proud of the growth journey . #proudthanekar
Great collaboration of bank with innovative technology!!!