Now coins will come out from ATM; RBI will start pilot project for this

Now coins will come out from ATM: You will be able to withdraw money by scanning the QR code from the UPI app, RBI will start a pilot project for this

Feb 8, 2023 - 20:04
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Now coins will come out from ATM; RBI will start pilot project for this

Now you will be able to withdraw coins from ATM through UPI. RBI announced the setting up of vending machines for coins after the monetary policy meeting today. RBI Governor Shaktikanta Das said that he plans to install coin vending machines based on QR codes. They are going to start a pilot project for this.
RBI Governor Shaktikanta Das said that the objective is to increase the availability of coins. He told that the Reserve Bank is going to start it in 12 cities of the country in the initial phase.
QR code-based vending machines will be used through UPI and will dispense coins instead of notes. Any customer will be able to withdraw coins from these coin vending machines by scanning the QR code on top of the machine through their UPI app. The number of coins the customer will withdraw, that money will be deducted from his registered bank account.
RBI increased the repo rate by 0.25% on Wednesday after the end of the monetary policy meeting. Due to this the repo rate has increased from 6.25% to 6.50%. That means everything from home loans to auto and personal loans will become costlier and you will have to pay more EMI. However, now higher interest rates will be available on FD. The repo rate is the highest since August 1, 2018. Then the repo rate was 6.50%.
Monetary policy meets every two months. The first meeting of this financial year was held in April. Then the RBI kept the repo rate constant at 4%, but on May 2 and 3, the RBI called an emergency meeting and increased the repo rate by 0.40% to 4.40%.
This change in the repo rate took place after 22 May 2020. After this, in the meeting held from 6 to 8 June, the repo rate was increased by 0.50%. This increased the repo rate from 4.40% to 4.90%. Then in August, it increased by 0.50%, taking it to 5.40%. Interest rates went up to 5.90% in September. Then in December, the interest rates reached 6.25%. Now the interest rates have reached 6.50%.

Muskan Kumawat Journalist & Writer