RBI announces pilot for QR code-based Coin Vending Machine
The governor of the RBI, Shaktikanta Das, indicated that a pilot initiative to install coin-operated vending machines that employ QR codes will start soon. The Central Bank Governor indicated that the RBI will create a coin vending machine that employs a QR code to boost accessibility to coins in response to the results of the monetary policy for the year 2023.
The pilot project is planned to be initially rolled out at 19 locations in 12 cities across the country. These vending machines are intended to be installed at public places such as railway stations, shopping malls, marketplaces to enhance ease and accessibility. Based on the learnings from the pilot tests, guidelines would be issued to banks to promote better distribution of coins using QCVMs.
hese vending machines will dispense coins against a debit to the customer’s account using UPI instead of physical tendering of banknotes. This will enhance the ease of accessibility to coins. This will be beneficial, particularly for tier 2 and higher cities where there is less banking presence.
According to the RBI document, the QR Code-Based Vending Machine will do away with the necessity for actual tendering of banknotes and their authentication. This is in contrast to traditional cash-based coin vending machines. Customers will also be able to withdraw coins from QCVMs in the necessary quantities and denominations.
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India`s industrial production index grows 4.3% in December 2022
In December 2022, India`s Industrial Production, or IIP, index increased by 4.3%. According to data from the Ministry of Statistics and Programme Implementation, it increased by 5.4% during.
The manufacturing sector`s output grew by 2.6 per cent in December 2022, while the mining output rose by 9.8 per cent and electricity production increased by 10.4 per cent during the month. For the month of December 2022, the Quick Estimates of IIP with base 2011-12 stands at 144.7.
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