RBI MPC Announcements Today: The Reserve Bank of India will launch a pilot project on QR code-based coin vending machine. RBI Governor Shaktikanta Das today said that the central bank will start a pilot project to launch QR code based coin vending machines.

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.

QR based coin vending machine: How Will This Work?

– 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

– These vending machines will dispense coins using UPI instead of physical tendering of banknotes.

– This will enhance the ease of accessibility to coins.

– RBI Governor Das said that based on the learnings from the pilot, guidelines will be issued to banks to promote distribution of coins using these machines.

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.

The Monetary Policy Committee (MPC) of the Reserve Bank of India decided to raise the key benchmark interest rate by 25 basis points to 6.5 per cent on Wednesday. Four out of six members of MPC have decided to go ahead with this hike in the repo rate, RBI Governor Shaktikanta Das said on Wednesday.

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