Skip to main content

RBI to Launch Pilot Project for QR Code-Based Coin Vending Machines Using UPI in 12 Cities

The Reserve Bank of India's Governor Shaktikanta Das said on Wednesday that the central bank would launch a pilot project on QR code-based coin vending machine (QCVM) in 12 cities in the country. These vending machines will dispense coins against debit to the customer's account using Unified Payments Interface (UPI) instead of physical tendering of banknotes.

"This will enhance the ease of accessibility to coins. Based on the learnings from the pilot, guidelines will be issued to banks to promote the distribution of coins using these machines," the governor said.

Addressing the outcome of the Monetary Policy outcome for calendar year 2023, the central bank's governor said that the RBI will launch the QR code-based coin vending machine to enhance ease of access to coins.

In a move that will raise borrowing costs for corporates and individuals even further, the RBI Monetary Policy Committee (MPC) led by Governor Shaktikanta Das hiked the repo rate by 25 basis points to 6.5 percent on Wednesday.

According to the governor, a rate hike of 25 basis points is considered as appropriate at the current juncture. "The reduction in the size of the rate hike provides the opportunity to evaluate the effects of the actions taken so far on the inflation outlook and on the economy at large," he added.

When high levels of inflation prevail, the central bank attempts to reduce the flow of money in the economy. One way to do this is by increasing the repo rate. With it, borrowing becomes a costly affair for businesses and industries, which in turn, slows down investment and money supply in the market.

The Infinix Zero Ultra has a decent set of specifications on paper, but does the phone justify its high asking price? We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.


from Gadgets 360 https://ift.tt/X4gNq3Z
Labels:

Comments

Post a Comment

Popular posts from this blog

Samsung Galaxy S24 Series Pre-Order Details Leak Out; Galaxy S24+ Spotted on Walmart Listing

Samsung Galaxy S24 series is expected to be unveiled on January 17 and past rumours have already given us a fair idea of what to expect from the new flagship phones. The most recent leaks suggest video recording upgrades on the Samsung Galaxy S24, Galaxy S24+, and Galaxy S24 Ultra along with some pre-order perks. The regular models are also tipped to be priced lower than their predecessors. The Galaxy S24 Ultra, in contrast, could see a price jump across all three storage variants. Meanwhile, Walmart accidentally listed the Galaxy S24+ on its online website, whereas Samsung retailers in Brazil have also started teasing the phone ahead of the debut. On X (formerly Twitter), Tipster Ice Universe (@UniverseIce)  posted that Samsung's flagship Galaxy S24 phones will be priced slightly lower than expected. He claimed that Galaxy S24 and Galaxy S24+ stock is large this time as the company is optimistic about the upcoming phones. Further, the Galaxy S24 series is said to offer the abili
Post a Comment
Read more

End-of-Season Savings on Convertible Air Conditioners Starting at Rs. 22,990

Check out Croma's latest deals on Convertible Air Conditioners, with prices starting from just Rs. 22,990. This sale brings together top brands like Voltas, Daikin, and Croma, offering a mix of high-tech features and value for money. Whether you're looking for energy-saving options or models with the latest cooling technology, there's something for everyone. Plus, these ACs are more environmentally friendly. Big discounts on the usual prices and special bank offers make this a great time to upgrade your air conditioner. Croma 4 in 1 Convertible 1.5 Ton 3 Star Inverter Split AC Get the Croma 4 in 1 Convertible AC at a great deal of Rs. 28,990, down from Rs. 42,000. Made for compact spaces, this 3-star, 1.5 Ton AC is efficient and eco-friendly, complete with a PM 2.5 filter. HDFC Bank users can avail themselves of an extra discount, making it an even better bargain. Buy now at: Rs. 28,990 (MRP Rs. 42,000) Voltas 183V Vectra Platina 4 in 1 Convertible 1.5 Ton 3 Star Invert
Post a Comment
Read more

Google Pixel Watch 2 Spotted on Google Play Console; Specifications, Chipset Tipped

Google Pixel Watch 2 is expected to launch soon as the successor to the Google Pixel Watch , which was released in October 2022. The debut Pixel Watch model has a 1.2-inch AMOLED touch display protected by 3D Corning Gorilla Glass 5 and an Exynos 9110 SoC. The watch also claimed to have a battery life of up to 24 hours. However, the upcoming Pixel Watch 2 is expected to include an improved SoC and battery. There have been several rumours about the purported smartwatch. The wearable was reportedly spotted on Google Play Console, where some key specifications were listed. A 9to5Google report says that the Pixel Watch 2 was recently spotted on the Google Play Console. The listing shows some key details of the smart wearable, including its processor, display and software specifications. The report says that the watch is likely to be powered by a Qualcomm SW5100 SoC, which claims to be the Snapdragon W5 chipset, not the W5+ variant. It is also tipped to retain 2GB of RAM from the precedi
Post a Comment
Read more