DAILY NEWS ANALYSIS

GS-III : Economic Issues Banking

06 March, 2023
5 Min Read

Coin Vending Machine

The Reserve Bank of India (RBI) is preparing to begin a pilot study to evaluate how a coin-dispensing machine that uses QR codes works (QCVM).
The experiment is initially expected to be implemented at 19 venues across 12 cities across the nation. The machines are designed to be deployed in public locations like train stations, malls, and markets with a focus on convenience and accessibility.

QCVM: What is it?

A cashless coin dispenser called a QCVM would deliver coins in exchange for a UPI debit to the customer's bank account (Unified Payment Interface).
Consumers would have the choice to withdraw coins in the necessary numbers and denominations.
That will make coins more easily accessible.
The QCVM would do away with the necessity for physical tendering of banknotes and their authentication, in contrast to a cash-based standard Coin Vending Machine.

What is the QCVM Need?

The older machines had issues since some false money were fed into them to obtain coins.
Although there is a large quantity of coins, they are not being dispersed evenly and there is a demand for them in pockets.
According to the most recent RBI bulletin, as of December 30, 2022, there were 28,857 crore rupee coins in circulation, up 7.2% from the prior 12-month period.
For comparison, coins in India are available in the following denominations: 50 paise, 1 rupee, 2 rupees, 5 rupees, 10 rupees, and 20 rupees. Little coins are those that are up to 50 paise, whereas rupee coins are those that are one rupee and above.
Hence, supply can be absorbed by making coins available where there is a need.
At the moment, getting coins requires going to a bank branch and exchanging currency notes for coins.
Nevertheless, using QCVM, coins can be withdrawn via a UPI QR code, and the sum will be deducted from the user's bank account.

Source: The Hindu

Join Our Telegram

Voice clone-AI

Pradhan Mantri Suryodaya Yojana

06 Feb, 24
SHARE

Recently, Prime Minister announced Pradhan Mantri Suryodaya Yojana under which 1 crore households will get rooftop solar power systems. India’s Status of Current Solar Capacity India currently stands at 4th place globally in solar power capacity. As per Ministry of New an

Foreign Contribution Regulation Act (FCRA)- NGO

06 Feb, 24
SHARE

The Foreign Contribution Regulation Act, 2010 (FCRA) registration of two prominent non-governmental organisations (NGOs) — Centre for Policy Research (CPR) and World Vision India (WVI) have been cancelled this month. What is FCRA? Key provisions of FCRA, 2010 Key aspects Description

Voice clone-AI

06 Feb, 24
SHARE

Voice clone fraud has been on the rise in India. AI voice cloning – It is the process of creating a synthetic replica of a person’s voice through machine learning and speech synthesis technology.It is called as voice deepfakesor audio deepfakes. Objective – To achieve a high level of na

Science communication- how to promote

06 Feb, 24
SHARE

Steps taken by India to promote Science Communication Publications and Information Directorate (PID) - An organisation under Council of Science and Industrial Research (CSIR) established in 1951 for publishing and disseminating scientific information in India. National science magazines- The PI

Universal Basic Income (UBI)- Analysis

05 Feb, 24
SHARE

Universal Basic Income (UBI) can strengthen welfare architecture and unlock the nation’s latent demographic potential. UBI - It is an income support mechanism typically intended to reach all or a very large portion of the population regardless of their earnings or employment status. Objective- To provide enough to co

Quick Links Testimonials FAQ

Crash Course

Regular Modules 2024

Mains

Optional

Coin Vending Machine

Coin Vending Machine

QCVM: What is it?

What is the QCVM Need?

Pradhan Mantri Suryodaya Yojana

Foreign Contribution Regulation Act (FCRA)- NGO

Voice clone-AI

Science communication- how to promote

Universal Basic Income (UBI)- Analysis

DNA

06 Feb,2024

GS-III

PT Pickups

Toppers

Search By Date

Top Editorials

UPSC Courses

Saarthi Mentorship Programme

Important Tags

Articles:Geography And Environment

Articles: History Culture Society

Articles: Governance & National Issues

Articles: IR & IO

Articles: Economic Development & Economic Issues

Articles: S&T Internal Security

Articles: Ethics & Others

Articles: Others

Newsletter Subscription

SMS Alerts

Important Links