QR code-based coin vending machine

On Wednesday, RBI Governor Shaktikanta Das announced that the central bank would launch a pilot program for QR code-based coin vending machines (QCVMs) in 12 cities. Instead of physically tendering banknotes, these vending machines will disburse coins against debits to the customer’s account with the help of UPI.

Addressing the outcome of the Monetary Policy outcome for calendar year 2023, the central bank’s governor said that the RBI will launch a QR code-based coin vending machine to enhance ease of access to coins.

On Wednesday, the RBI Monetary Policy Committee (MPC) led by Governor Shaktikanta Das raised the repo rate by 25 basis points to 6.5 percent.

According to the governor, a rate hike of 25 basis points is necessary at the current juncture. “The reduction in the size of the rate hike provides the opportunity to evaluate the effects of the actions taken so far on the inflation outlook and on the economy at large,” he added.

In times of high inflation, the central bank attempts to reduce the flow of money into the economy. One way to do this is by increasing the repo rate. Consequently, borrowing becomes a costly affair for businesses and industries, slowing down investment and the money supply