RBI to launch QR code-based coin vending machines

The Reserve Bank of India will launch a pilot project on QR code-based coin vending machine. The announcement was made by RBI Governor Shaktikanta Das during the Monetary Policy Committee meeting announcements on Wednesday. 

The Governor said that these machines will be launched with an aim to promote distribution of coins, and enhance the accessibility to coins. The vending machines will dispense coins against debit to customer’s account using UPI instead of physical tendering of banknotes. 

“The Reserve Bank of India will launch a pilot project on QR Code based Coin Vending Machine (QCVM) in 12 cities. These vending machines will dispense coins against debit to the customer’s account using UPI instead of physical tendering of banknotes. This will enhance the ease of accessibility to coins. Based on the learnings from the pilot, guidelines will be issued to banks to promote distribution of coins using these machines,” said Governor Das.

He also said that UPI has become a hugely-popular retail digital payments system in the country. The RBI will now look at permitting all inbound travellers to India to use UPI for their merchant payments while they are in the country. This facility will begin with travellers from the G-20 countries arriving at selected international airports. 

The RBI Governor also stated that the Indian economy successfully dealt with multiple major shocks in the last three years and has emerged stronger than before. “India has the inherent strength, an enabling policy environment, and strong macroeconomic fundamentals and buffers to deal with the future challenges. I am reminded here of the words of Netaji Subhas Chandra Bose: ‘……..never lose your faith in the destiny of India’,” said the Governor.

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