RBI to launch pilot project for QR-based coin vending machines in 12 cities

Reserve Bank of India (RBI) Governor Shaktikanta Das said on Wednesday that the central bank would launch a pilot project on QR code-based coin vending machines (QCVM).

These vending machines will dispense coins against a debit to the customer’s account using Unified Payments Interface (UPI) instead of physical tendering of banknotes. The pilot will be launched in 12 cities in the country, according to a report by ANI.

“This will enhance the ease of accessibility to coins. Based on the learnings from the pilot, guidelines will be issued to banks to promote the distribution of coins using these machines,” the governor said.