RBI policy: QR-based coin vending machine to be launched in 12 cities, says Das

In his monetary policy address on Wednesday, Reserve Bank of India Governor Shaktikanta Das announced that the central bank will introduce a pilot project of QR code-based coin-operated vending machines (QCVM) in 12 cities across the country.
The vending machines dispense coins from debit to the customer’s account using the Unified Payments Interface (UPI) instead of making a physical bid of currency notes.

He said that consumer price inflation is still above the comfort level — RBI Governor, Shaktikanda Das

According to the governor, “This will make access to coins easier. Based on the lessons learned from the pilot, guidelines will be issued to banks to promote the circulation of coins using these machines. He said that the project will be announced in 12 cities in the first stage, which will ensure the benefit of the people.

“The Reserve Bank of India will start a pilot project of QR-based coin vending machines in 12 cities. These vending machines will debit coins to customers’ accounts instead of making a physical bid for banknotes.”

He also pointed out that this makes it easy to find coins. “Based on what was learned from the pilot, it will be given to banks to promote the circulation of coins using these machines.”

This was the first monetary policy address of 2023 and the last for this fiscal year, in which he made several key announcements.

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