QR Code Vending Machine: Reserve Bank of India has announced the results of the Monetary Policy Committee today. Along with the hike in the repo rate, some announcements have also been made for the banking and financial sector. Let’s know the complete details about it.
RBI Governor Shaktikanta Das said that he plans to install coin vending machines based on QR Code (Quick Response Code). Because they have decided to start a pilot project to launch the central bank QR code based coin vending machine.
Addressing the outcome of the monetary policy, Das said that this would be done to make access to coins easier. As a new QR-code based pilot project, it will be easier for the customers to make coins through the UPI facility. With the initial launch in 12 cities across India, this move by RBI is a strategic decision that will benefit Indian payments.
QR Based Coin Vending Machine
- Reserve Bank of India will start a pilot project on QR Code based Coin Vending Machine (QCVM) in 12 cities.
- After installation of vending machines, coins can be withdrawn using QR code instead of ATM card.
- These vending machines will dispense coins when the customer’s account is debited.
- These vending machines will dispense coins using UPI instead of physical tender of bank notes.
- This will ease the availability of coins.
- RBI Governor Das said that based on the learnings from the pilot, guidelines will be issued to banks to promote the distribution of coins using these machines.
Interest rate increased by 25 basis points
The Monetary Policy Committee (MPC) of the Reserve Bank of India has decided to increase the key benchmark interest rate by 25 basis points to 6.5 percent on Wednesday. RBI Governor Shaktikanta Das said on Wednesday that four of the six members of the MPC have decided to go ahead with this hike in the repo rate. Repo rate is the rate at which the Reserve Bank of India lends money to commercial banks when needed.
Let us tell you that this is a tool which is used by the central bank to control inflation. In its December monetary policy review, the central bank raised the key benchmark interest rate (repo) by 35 basis points (bps) after giving three back-to-back hikes of 50 bps each. RBI has increased the short-term lending rate by 225 basis points since May last year.
