RBI announces pilot for QR code-based Coin Vending Machine

• As per the RBI announcement, QR code-based coin vending machines will be launched to improve the distribution of coins.

• RBI announced that the machine will be launched in collaboration with some leading banks.

• The pilot project will be launched at 19 locations in 12 cities across the country.

• The QR code based coin vending machine is a cashless coin dispensing machine.

• It will deliver the coins as debited from the customer's bank account using the Unified Payments Interface.

• The QR code based coin vending machines will eliminate the need for physical tender of bank notes and their authentication.

• Customers will also have the option of withdrawing coins from these machines.