RBI has announced that QR Code-based Coin Vending Machine (QCVM) will be launched in collaboration with a few leading banks to improve the distribution of coins.
The pilot project will roll out in 19 locations in 12 cities across the country.
About QCVM
- The QCVM is a cashless coin dispensation machine which will dispense coins against debit to the customer’s bank account using Unified Payments Interface (UPI).
- Unlike cash-based traditional Coin Vending Machines, the QCVM would eliminate the need for physical tendering of banknotes and their authentication.
- Customers will also have the option to withdraw coins in the required quantity and denominations in these machines.
- These vending machines are planned to be installed at public places such as railway stations, shopping malls, and marketplaces to enhance ease and accessibility.
- RBI declared on 8th February that travellers from G20 countries will be able to use UPI for their merchant payments while they are in India at selected international airports.
- In future, this facility will be enabled across all other entry points. RBI will issue draft guidelines for transparency in the penal charges or penal interest charged on loans.
- It will be published on RBI website shortly, for stakeholders’ comments.
