RBI Pilots Coin Vending Machines to Improve Distribution

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.

The RBI recently announced the rollout of the project as part of its latest Statement on Developmental and Regulatory Policies. 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, they can be obtained from coin vending machines but, again, rely on banknotes being fed into these, which have often fallen victim to counterfeit notes being used.