QR code-based coin vending machine: How it will work?
1 min read . Updated: 08 Feb 2023, 11:48 AM IST
PremiumRBI will start a pilot project to launch QR code based coin vending machines, Shaktikanta Das said
Reserve Bank of India (RBI) Governor Shaktikanta Das today said that the central bank will start a pilot project to launch QR code based coin vending machines.
Addressing the outcome of the Monetary Policy outcome Das said that this will be done to enhance ease of access to coins.
“The new QR-code based pilot will offer ease and ready access to coins for customers via UPI facility. With the initial launch across 12 cities in India, this move by the RBI is a strategic decision which will benefit the Indian payments landscape," said Rajsri Rengan, Head of Banking and Payments, India and Philippines, FIS.
QR based coin vending machine: What we know so far
1) The Reserve Bank of India will launch a pilot project on QR Code based Coin Vending Machine (QCVM) in 12 cities.
2) These vending machines will dispense coins against debit to the customer’s account
3) These vending machines will dispense coins using UPI instead of physical tendering of banknotes.
4) This will enhance the ease of accessibility to coins.
5) RBI Governor Das said that based on the learnings from the pilot, guidelines will be issued to banks to promote distribution of coins using these machines.
The Monetary Policy Committee (MPC) of the Reserve Bank of India decided to raise the key benchmark interest rate by 25 basis points to 6.5 per cent on Wednesday. Four out of six members of MPC have decided to go ahead with this hike in the repo rate, RBI Governor Shaktikanta Das said on Wednesday.
Repo rate is the rate at which Reserve Bank of India lends funds to commercial banks when needed. It is a tool that the central bank uses to control inflation.
In its December monetary policy review, the central bank raised the key benchmark interest rate (repo) by 35 basis points (bps) after delivering three back-to-back increases of 50 bps.
Since May last year, the RBI has increased the short-term lending rate by 225 basis points.
