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In his monetary policy address on Wednesday, Reserve Bank of India Governor Shaktikanta Das announced that the central bank will introduce a pilot project of QR code-based coin vending machines (QCVM) in 12 cities across the country.
The vending machines dispense coins from debit to the customer’s account using the Unified Payments Interface (UPI) instead of making a physical bid of currency notes.
According to the governor, “This will make access to coins easier. Based on the lessons learned from the pilot, guidelines will be issued to banks to promote the circulation of coins using these machines. He said that the project will be announced in 12 cities in the first stage, which will ensure the benefit of the people.
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