The Central Reserve Bank has announced the results of the Monetary Policy Committee today. Along with the hike in the repo rate, today RBI has also made some announcements for the banking and financial sector.
In the speech of RBI Governor Shaktikanta Das, one special thing attracted attention and that was the announcement of vending machines for coins. Das told that his plan is to install coin vending machine based on QR Code (Quick Response Code). She is going to start a pilot project for this.
Coins will be supplied through ATM (QR Code based Coin Vending Machine)
Governor Shaktikanta Das told that the Reserve Bank of India will launch Coin Vending Machine or QCVM (Coin Vending Machine) working on the basis of QR Code. These machines will be installed in 12 cities as a pilot project first. Any customer from these machines will be able to withdraw the coin by scanning the QR code on it from his UPI app and it will be debited from his bank account.
The way you withdraw bank notes from ATM, you will be able to withdraw coins from it. With this, there will be more reach of coins in the market. Based on the success of this pilot project, RBI will then go ahead with the plan to distribute coins through these machines. Guidelines will also be issued to the banks regarding this.
Foreign travelers will also be able to make UPI payment
RBI Governor Shaktikanta Das said in another announcement that now UPI facility will be started for travelers coming from abroad in India. UPI facility for foreigners will start with the start of G20. However, this facility will be started only at selected airports.
