RBI to launch QR code-based coin vending machines

The Reserve Bank of India will launch QR Code-based Coin Vending Machine (QCVM) in collaboration with a few leading banks.

Aim: To improve the distribution of coins

This pilot project will be launched in 19 locations in 12 cities across the country. QCVM is a cashless coin dispensation machine.

It will dispense coins against debit to the customer’s bank account using UPI. It would eliminate the need for physical tendering of banknotes and their authentication.