Coins will come out from ATM, will start in 12 cities, this work will have to be done to withdraw money

New Delhi. The Reserve Bank of India (RBI) announced the decisions of its Monetary Policy Committee (MPC) meeting on Wednesday. Along with the announcement of increasing the repo rate, RBI Governor Shaktikanta Das also made many other big announcements. RBI has announced to launch a pilot project through which people will be able to get coins easily. Under this pilot project, RBI will install QR code based Coin Vending Machine.

Initially, QR code based coin vending machines will be installed in 12 cities under the pilot project. Giving information about the monetary policy, Shaktikanta Das said that RBI is taking this initiative to make the availability of coins accessible and easy for the people. According to the RBI governor, it will be linked to the bank account through Unified Payments Interface (UPI).

read this also- RBI Monetary Policy 2023: RBI made loan costlier by 0.25 percent, estimated 6.4 percent growth rate next year

Coin vending machine will work like this
Coin vending machines are automatic machines that dispense coins instead of bank notes. To withdraw coins from this machine, the QR code has to be scanned and then money will be deducted from the account through UPI and coins of that value will come out. Customers will be able to choose as many coins as they want and the rupee they want to withdraw. Earlier, there was a trend of cash-based coin vending machine in which coins were withdrawn in exchange for notes, but now only QR code will work.

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RBI Monetary Policy 2023: Loans will be expensive! Interest increased by 0.25 percent
Let us inform that Reserve Bank Governor Shaktikanta Das increased the repo rate for the sixth consecutive time on Wednesday. After the Monetary Policy Meeting, he said that the pressure of rising inflation in the world is also on India and to overcome it completely, it has become necessary to increase the interest rates of loans once again. However, this time the repo rate is being increased by only 0.25 percent.

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Tags: ATM machines, RBI, RBI Governor, rbi policy, up