October 02, 2023 04:22 (IST)
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RBI to launch pilot project on QR code-based coin vending machines QR Code Vending Machines
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RBI to launch pilot project on QR code-based coin vending machines

India Blooms News Service | @indiablooms | 09 Feb 2023, 02:22 am

Mumbai: Reserve Bank of India (RBI) Governor Shaktikanta Das said on Wednesday that the apex bank would launch a pilot project on QR code-based coin vending machines (QCVM).

These vending machines will dispense coins against a debit to the customer's account using Unified Payments Interface (UPI) instead of physical tendering of banknotes. The pilot will be launched in 12 cities in the country, according to a report by ANI.

"This will enhance the ease of accessibility to coins. Based on the learnings from the pilot, guidelines will be issued to banks to promote the distribution of coins using these machines," the governor said.

The governor said that RBI’s motive behind this step is to increase the ease of access to coins.

The Reserve Bank of India on Wednesday hiked the repo rate by 25 basis points to 6.50 percent in line with the expectations of the experts. However, it didn’t indicate an end to tightening its stance contrary to the market expectations.

A hike in the repo rate today will lead to an increase in banks’ lending and deposit rates tomorrow.

RBI Governor Shaktikanta Das said the rate hike is intended to bring inflation back towards its 4 percent target.

With inflation seen at 5.6 percent in the fourth quarter of 2023-24 (April-March), adjusted for inflation, the policy rate still trails pre-pandemic levels, Das said.

The governor described the rate hike as appropriate at the current juncture. "The reduction in the size of the rate hike provides the opportunity to evaluate the effects of the actions taken so far on the inflation outlook and on the economy at large," he added.