Coin Vending Machine: RBI will launch Coin Vending Machine, will be able to scan QR code and get coins

To remove the shortage of coins in the country, the Reserve Bank of India has made an important announcement. RBI is going to start pilot project for QR Code Coin Vending Machine in 12 cities. Any person will be able to withdraw coins from the coin vending machine by scanning a QR code and paying through UPI. Announcing the new monetary policy, Reserve Bank Governor Shaktikanta Das said that soon RBI will start a pilot project for this. He said that if this pilot is successful, banks will be encouraged to install such machines.

QR code based coin vending machines will be launched in 12 cities. Shaktikanta Das announced at the latest Reserve Bank of India (RBI) MPC meeting that 12 cities will soon have QR code based coin vending machines. The RBI governor said that this will facilitate access to coins, dispensing coins using machines. Coin vending machines are automated machines that dispense coins in exchange for bank currency notes.

As per the statement of the RBI governor, these vending machines will take money from the customer's account using UPI instead of bank notes and dispense coins of that value. This will ease the availability of coins. Based on the experience gained from the pilot, guidelines will be issued to banks to promote the distribution of coins using these machines. RBI has proposed to extend Unified Payments Interface (UPI) facility to inbound travelers for merchant payments. Initially this facility will be for passengers from G20 countries.