The Reserve Bank of India (RBI) announced the decisions of its Monetary Policy Committee (MPC) meeting on Wednesday. Along with the announcement of increasing the repo rate, RBI Governor Shaktikanta Das also made many other big announcements.
RBI has announced to launch a pilot project through which people will be able to get coins easily. Under this pilot project, RBI will install QR code based Coin Vending Machine.
Initially, QR code based coin vending machines will be installed in 12 cities under the pilot project. Giving information about the monetary policy, Shaktikanta Das said that RBI is taking this initiative to make the availability of coins accessible and easy for the people. According to the RBI governor, it will be linked to the bank account through Unified Payments Interface (UPI).
Coin vending machine will work like this
Coin vending machines are automatic machines that dispense coins instead of bank notes. To withdraw coins from this machine, the QR code has to be scanned and then money will be deducted from the account through UPI and coins of that value will come out.
Customers will be able to choose as many coins as they want and the rupee they want to withdraw. Earlier, there was a trend of cash-based coin vending machine in which coins were withdrawn in exchange for notes, but now only QR code will work.
