News in Brief

RBI Pilots Coin Vending Machines

The Reserve Bank of India (RBI) is preparing to launch a new pilot project using QR code-based Coin Vending Machines (QCVM) in order to improve coin distribution in the country.

Working in collaboration with a few leading banks, the pilot project will initially be rolled out at 19 locations in 12 cities across the country.

At present, people need to visit their bank branch to withdraw coins. Coins are also distributed from the RBI’s regional offices. In both cases, coins will only be issued against banknotes tendered. Alternatively, coins can be obtained from coin vending machines but, again, rely on banknotes being fed into them, and have often fallen victim to counterfeit notes being used.