The Reserve Bank of India will launch a pilot project on QR code-based coin vending machine.

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.

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.