In the QR code-based vending machines which have been announced to be launched in 12 cities as a pilot project by the Reserve Bank of India (RBI), any customer can easily withdraw coins through UPI. However, in which cities it will be started, its information has not been shared.
When you attempt to withdraw money from an ATM machine, currency notes are dispensed by inserting the ATM card. However, not just money notes, but also coins, will be issued by the ATM. Following the conclusion of the three-day RBI MPC meeting on Wednesday, Governor Shaktikanta Das announced the beginning of a pilot project of QR-based coin vending machines, as well as a hike in the repo rate for the sixth straight time.
RBI Governor Shaktikanta Das said that the central bank will conduct a pilot project for QR-enabled vending machines. Its goal is to make coins more widely available. He stated that the Reserve Bank will begin it in 12 locations throughout the country in the initial phase. These QR code-based vending machines will be operated by UPI and will deliver coins rather than notes. However, the names of the 12 cities chosen for this experimental initiative have not been revealed.
Any consumer may withdraw coins from these Coin Vending Machines by scanning the QR Code on the machine’s top with his UPI app. The number of coins that the consumer withdraws will be deducted from his registered bank account. The same way you may withdraw notes with your Debit Card by visiting to the ATM, you will be able to withdraw coins by scanning the QR code from this machine. It will be expanded based on the success of this pilot initiative, which will begin in 12 cities.
While the RBI Governor surprised the country with the decision to raise the repo rate, he has also attempted to provide reprieve from such unexpected pronouncements. Shaktikanta Das, in addition to providing information on the conclusions reached during MPC debates, stated that it is currently being considered to provide a UPI option for travellers travelling from outside. Please inform us that the Reserve Bank hiked the policy rate or repo rate by.25 percent at its first meeting of the year. Following this, the repo rate jumped to 6.50 percent.
The governor of the Reserve Bank of India further stated that the Indian economy has effectively withstood numerous big shocks in the recent three years and emerged stronger than before. This has also been embraced and enjoyed by the rest of the globe. In his remark, he stated, ‘Never lose trust in India’s destiny,’ quoting Netaji Subhash Chandra Bose.
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