Categories: Banking

RBI announces pilot for QR code-based Coin Vending Machine

Shaktikanta Das, the governor of the RBI, announced that a pilot programme to introduce coin vending machines that use QR codes will begin shortly. In response to the outcome of the monetary policy for the year 2023, the Central Bank Governor announced that the RBI will introduce a coin vending machine that uses a QR code to improve accessibility to coins.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

Now coins will come out through QR code, not ATM card, vending machine will work like thisNow coins will come out through QR code, not ATM card, vending machine will work like this

More About The QR code-based Coin Vending Machine:

The pilot project is planned to be initially rolled out at 19 locations in 12 cities across the country. These vending machines are intended to be installed at public places such as railway stations, shopping malls, marketplaces to enhance ease and accessibility. Based on the learnings from the pilot tests, guidelines would be issued to banks to promote better distribution of coins using QCVMs.

Need of The QR code-based Coin Vending Machine:

These vending machines will dispense coins against a debit to the customer’s account using UPI instead of physical tendering of banknotes. This will enhance the ease of accessibility to coins. This will be beneficial, particularly for tier 2 and higher cities where there is less banking presence.

According to the RBI document, the QR Code-Based Vending Machine will do away with the necessity for actual tendering of banknotes and their authentication. This is in contrast to traditional cash-based coin vending machines. Customers will also be able to withdraw coins from QCVMs in the necessary quantities and denominations.

Piyush Shukla

Recent Posts

Raksha Bandhan 2025: History, Significance, and Celebrations

Raksha Bandhan in 2025 celebrates on Saturday, August 9, 2025. This festival takes place on…

54 mins ago

Raksha Bandhan: 10 Unknown Facts You Probably Didn’t Know

Raksha Bandhan is widely celebrated as a festival that honors the deep bond between brothers…

2 hours ago

LIC Q1 FY26 Results: Net Profit Rises 5% to ₹10,987 Crore, Asset Quality Improves

India’s largest life insurer, Life Insurance Corporation of India (LIC), kicked off FY26 with a…

4 hours ago

Tata AutoComp to Acquire Slovakia-Based IAC Group: Expanding Its Global Footprint

In a move that underscores its global ambitions, Tata AutoComp Systems Ltd, a leading Indian…

5 hours ago

RBI Survey: India’s Merchandise Imports to Grow Twice as Fast as Exports in FY26

India's trade balance could face renewed stress in FY26, as per the 95th round of…

5 hours ago

India’s Electronics Exports Soar Over 47% in Q1 FY26, Driven by Mobile Phones

India's electronics export industry continues its upward march, recording an impressive 47% year-on-year growth in…

5 hours ago