Coins also have a lot of importance in the financial system even though the circulation of big notes is high. Especially shopkeepers need more retail money. That is why RBI has taken a key decision…
MUMBAI: Coins also have a lot of importance even though the circulation of big notes is high in the economy. Especially shopkeepers need more retail money. Keeping in view the needs of such people, Central Bank RBI has made a key announcement.
RBI Governor Shakthikanth Das announced that QR Code based coin vending machines will be made available soon. Initially, it was announced that these will be established in 12 cities of the country. He said that the availability of coins and the use of coins will become easier through these machines.
Coin vending machines work automatically. Banks dispense coins instead of notes. Customers can scan the UPI QR code and get the coins without the need for physical notes. Shaktikant Das revealed that the money in the customer’s account will be automatically deducted. He revealed that on the basis of the pilot project, guidelines will be issued to the banks and distribution of coins through machines will be promote.
What is QR Coin Vending Machine?
RBI said it has developed a QR code based coin vending machine (QCVM) in collaboration with some top banks. There is no cash in this QCVM. Only offers coins. The customer can scan the QR code through UPI (Unified Payments Interface) and get the coins. As a result, money will be deducted from the customer’s account. It does not require bank notes. Customers can withdraw as many coins as they want.
As part of the trial project, these will be set up at 19 locations in 12 cities across the country.
They will be set up in crowded areas like railway stations, shopping malls and markets. The usage will be increased gradually depending on the pilot project.