QR code based coin vending machines to be launched in 12 cities: RBI

Shaktikanta Das said at the recent Reserve Bank of India (RBI) MPC meeting that QR code-based coin vending machines will be available in 12 cities shortly.

Shaktikanta Das said at the recent Reserve Bank of India (RBI) MPC meeting that QR code-based coin vending machines will be available in 12 cities shortly. According to the RBI governor, this will improve coin accessibility and distribution via ATMs.

Coin vending machines are automated machines that deliver coins in exchange for bank notes.

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According to the RBI governor statement, “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.”