Now you will be able to withdraw coins from ATM through UPI. RBI announced 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 amount of coins the customer will withdraw, that money will be deducted from his registered bank account.
RBI has 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 loan to auto and personal loan 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 had 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%.
