RBI Policy | QR-based coin vending machine to be launched in 12 cities, says Das

Reserve Bank of India Governor Shaktikanta Das

RBI (Reserve Bank of India) Governor Shaktikanta Das in his monetary policy address announced a pilot project wherein a machine will vend coins based on QR codes.

The project will be launched in 12 cities initially which will benefit the common people, he said.

"The Reserve Bank of India will launch a pilot project on QR-based coin vending machine in 12 cities. These vending machines will dispense coins against debit to customers account using UPI instead of physical tendering of bank notes," the Governor said in his speech.

He also noted that this will enhance the ease of access to coins. "Based on the learnings from the pilot will be issued to banks to promote distribution of coins using these machines."

Das gave his first monetary policy address of 2023 and the last one for this fiscal, in which he's made several key announcements.