The Reserve Bank of India (RBI) is preparing a pilot project on QR code-based Coin Vending Machine (QCVM) in collaboration with a few leading banks.
- What is QR Code-based Coin Vending Machine (QCVM)?
- “The QCVM is a cashless coin dispensation machine which would dispense coins against a debit to the customer’s bank account using Unified Payments Interface (UPI),” RBI Governor Shaktikanta Das said while announcing additional measures along with this monetary policy statement on Wednesday (8 Jan 2023).
These vending machines are intended to be installed at public places such as railway stations, shopping malls, marketplaces to enhance ease and accessibility.
Where will these machine be launched?
- The pilot project is planned to be initially rolled out at 19 locations in 12 cities across the country.
- Aim : Aim to promote distribution of coins, and enhance the accessibility to coins.
How it works?
- Unlike standard cash-based Coin Vending Machines, the QCVM would not require actual tendering of banknotes or their validation. Customers will also be able to withdraw coins in the required number and denominations from QCVMs.
- Source : RBI Press Release, The Hindu, Business Today, Economic times, The Hindu