To enhance the distribution of cash amongst members of the general public, the Reserve Bank of India (RBI) is making ready a pilot venture on QR code-based Coin Vending Machine (QCVM) in collaboration with a number of main banks.
“The QCVM is a cashless coin dispensation machine which would dispense coins against a debit to the customer’s bank account using Unified Payments Interface (UPI),” RBI Governor Shaktikanta Das stated whereas saying further measures together with this financial coverage assertion on Wednesday.
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Unlike cash-based conventional Coin Vending Machine, the QCVM would eradicate the necessity for bodily tendering of banknotes and their authentication. Customers will even have the choice to withdraw cash within the required amount and denominations in QCVMs.
“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,” Mr. Das stated.
Based on the learnings from the pilot assessments, pointers could be issued to banks to advertise higher distribution of cash utilizing QCVMs.
Source: www.thehindu.com