What Is RBI’s Pilot Project On Coin Vending Machines?
What Is RBI’s Pilot Project On Coin Vending Machines?
In This Article, ”What Is RBI’s Pilot Project On Coin Vending Machines?”, We Will Discuss About RBI’s Pilot Project On Coin Vending Machines, Pros and Cons Of QCVM, etc.
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Coin Dispensing Machines: RBI’s New Pilot Project On Coin Vending Machines is simply based on an idea of a new kind of vending machines that would dispense coins with the requisite amount being debited from the customer’s account.
QR code-based: At present, a person will have to approach the bank branch to withdraw coins. QR code-based coin vending machine (QCVM) is intended to dispense coins similar to the manner in which currency notes can be withdrawn from ATMs.
UPI Based: Coin Vending Machines will be United Payments Interface (UPI) based instead of physical tendering of banknotes. UPI is a system that powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing & merchant payments into one hood.
Customer Friendly: Customers would be endowed the option of withdrawing coins in required quantities and denominations. The central idea here is to ease the accessibility to coins.
Coin Denomination: Coins of denomination of Rs 1 – Rs 20 will be made available in QCVM.
To Properly Distribute Coins: On the supply side of things, the situation with respect to coins was ”peculiar” with the supply being ”very high”. As, it is taking up a lot of storage space and it is not getting properly distributed. At the same time, there is demand in pockets.
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Pros
Cons
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A. RBI’s New Pilot Project On Coin Vending Machines is simply based on an idea of a new kind of vending machines that would dispense coins with the requisite amount being debited from the customer’s account.
A. UPI is a system that powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing & merchant payments into one hood.
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