CURRENT AFFAIRS

Detailed explanation-1: -Reserve Bank of India (RBI) governor Shaktikanta Das on Wednesday (February 8) said that the apex bank will start a pilot project to launch QR code-based coin vending machines (QCVM) in a bid to enhance ease of access to coins. The pilot will begin in 12 cities. “This will enhance the ease of accessibility to coins.

Detailed explanation-2: -In response to the outcome of the monetary policy for the year 2023, the Central Bank Governor announced that the RBI will introduce a coin vending machine that uses a QR code to improve accessibility to coins.

Detailed explanation-3: -What is QCVM? QCVM is a cashless coin dispensation machine which would dispense coins against a debit to the customer’s bank account using UPI (Unified Payment Interface). Customers would be endowed the option of withdrawing coins in required quantities and denominations. It will ease the accessibility to coins.

Detailed explanation-4: -Regarding the legal status of coins issued by the government, RBI says that coins with a denomination equal to or higher than one rupee are legal tender for amounts not exceeding one thousand rupees. A fifty-paisa coin holds the same status for amounts up to Rs 10.