Published By Livemint | 01 Jun, 2023

What is QCVM?

QR-code based coin vending machine is a cashless coin dispensation which allows UPI transactions on scanning a dynamic QR code generated on the customer’s phone.  
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QCVM doesn’t require actual tendering and authentication of notes. Customers will be able to withdraw coins from QCVMs in desired numbers.
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The RBI stated that the project is being undertaken to improve the distribution of coins by harnessing technology. 
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It launched a pilot project on QCVM in collaboration with the following 5 banks. 
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Axis Bank 

Axis Bank is a banking and financial services company and is headquartered in Mumbai.
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Bank of Baroda

 India's second largest public sector bank, Bank of Baroda's headquarters' are in Vadodara, Gijurat.
Credit : economic times


ICICI Bank Limited is an Indian multinational bank headquartered in Mumbai. 
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State Bank of India

The State Bank of India is an Indian public sector bank headquartered in Mumbai, Maharashtra. 
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Federal Bank 

Federal Bank Limited is an Indian private sector bank with its headquarters in Kochi, Kerala and 1370 branches in various states. 
Credit : mint