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RBI launches QR Code-based Coin Vending Machine

Published on February 09, 2023
Current context: The Reserve Bank of India has launched a new QR code-based coin vending machine to address the issue of fake currency notes in coin vending machines.
RBI launches QR Code-based Coin Vending Machine
  • The decision to launch the machine was made during the recent Monetary Policy Committee meeting. The machines will be introduced in 12 cities nationwide in the first phase.
  • The consumer need not use currency notes. Earlier, they used to do it. The machines will use UPI-based systems instead of physical banknotes, allowing consumers to access coins using their bank account password or pin.
  • The machine aims to increase the accessibility and distribution of coins in the country, as the supply of coins is high, but their distribution is uneven.
  • Travelers from G-20 nations will first have access to this facility when they arrive at specific international airports.
  • For easy access, the new vending machines will be placed in 19 locations across 12 cities, including shopping malls, railway stations, and other public places.

Question:

Q.1 Who recently launched QR Code-based Coin Vending Machine?
a. RBI
b. Citi Bank
c. Canara Bank
d. SBI
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