RBI’s Coin Vending Machine: We all withdraw money using ATM. But, now RBI is preparing to gift the country a new technology. With the help of this technology, you will be able to withdraw coins by scanning the QR code through the vending machine . RBI believes that with the help of this technology, people are going to get a lot of benefit. In the initial phase, this technology is going to be launched under the pilot program. This new technology was announced today by RBI Governor Shaktikanta Das during the RBI Monetary Policy meeting. Let us know how this technology will be helpful for you.

QR Based Coin Vending Machine The Reserve Bank of India today said during the RBI Monetary Policy meeting that it is going to start a pilot project on QR code-based coin vending machines. Giving details of the technology, RBI Governor Shaktikanta Das said that RBI will start a project to launch QR code based coin vending machines. Elaborating further, he said that the machines are being launched to promote the distribution of coins and increase the reach of coins.

How will coin vending machine work Regarding this technology, RBI said that the pilot project country on QR Code Based Coin Vending Machine (QCVM) to be launched in cities. If RBI agrees, these vending machines will dispense coins after debiting the customer’s account. Describing this machine, the Central Bank said that the vending machines will dispense coins using UPI instead of physical tender of bank notes. The interesting thing is that by taking this step, the coins will be easily accessible among the people. Giving details, Reserve Bank of India Governor Das said that based on the learnings from the pilot, guidelines will be issued to banks to promote the distribution of coins using these machines.

RBIPublished Date

Wed, Feb 8, 2023, 6: 52 PM IST