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Pilot for QR-code based coin vending machine

February 09, 2023

Pilot for QR-code based coin vending machine
The Reserve Bank of India on Wednesday said it’s preparing a pilot project on QR Code based Coin Vending Machine (QCVM) in collaboration with a few leading 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). The QCVM would eliminate the need for physical tendering of banknotes and their authentication, the RBI said.

Customers will also have the option to withdraw coins in required quantity and denominations in QCVMs, according to the RBI.

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, it said while unveiling the monetary policy.

The RBI on Wednesday announced that any penalty for delay or default in servicing of the loan or any other non-compliance of material terms and conditions of loan contract by the borrower should be in the form of ‘penal charges’ in a reasonable and transparent manner. It should not be levied in the form of ‘penal interest’ that is added to the rate of interest being charged on the advances, the RBI said.

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