Launch Code-Based Coin Vending Machine in 12 Cities

Shaktikanta Das, the governor of the Reserve Bank of India, announced on 8th February that the institution would begin a pilot programme for QR code-based coin vending machines (QCVM) in 12 cities across the nation. Instead of physically presenting banknotes, these vending machines will issue coins in exchange for a debit to the customer's account utilising the Unified Payments Interface (UPI). In response to the conclusion of the Monetary Policy for the year 2023, the governor of the central bank announced that the RBI would introduce the QR code-based coin vending machine to improve accessibility to coins. The RBI Monetary Policy Committee (MPC), headed by Governor Shaktikanta Das, increased the repo rate by 25 basis points to 6.5 percent on 8th February, significantly increasing borrowing costs for businesses and consumers.