RBI’s new pilot project on Coin Vending Machines
The Reserve Bank of India (RBI) has launched a pilot project to introduce coin vending machines (CVMs) in various cities across the country. The project is aimed at increasing the circulation of coins in the country and making them easily available to the public.
The RBI has selected various locations in Ahmedabad, Hyderabad, and Mumbai for the pilot project, where these CVMs will be installed. These machines will be operated by various banks and will provide customers with the option of withdrawing coins of different denominations. The customers can insert currency notes and get coins in exchange.
Why this News is important:
The introduction of coin vending machines is an important step towards addressing the problem of coin shortage in the country. It will make coins easily accessible to the public and reduce their dependence on shopkeepers, who often refuse to give change due to the unavailability of coins. The project is expected to benefit both customers and banks by increasing the circulation of coins and reducing the cost of managing coins for banks.
Historical context:
The RBI has been taking various measures to address the issue of coin shortage in the country. In 2018, the RBI had launched a mobile application, ‘Mani’, which enables customers to identify places where they can exchange their notes for coins. The central bank had also issued guidelines to banks on the handling and distribution of coins. However, the problem of coin shortage persisted due to the lack of an effective distribution system.
Key Takeaways from “RBI’s new pilot project on Coin Vending Machines”:
| Serial Number | Key Takeaway |
|---|---|
| 1. | The Reserve Bank of India has launched a pilot project to introduce coin vending machines in various cities across the country. |
| 2. | The project is aimed at increasing the circulation of coins in the country and making them easily available to the public. |
| 3. | Various locations in Ahmedabad, Hyderabad, and Mumbai have been selected for the pilot project, where these CVMs will be installed. |
| 4. | The customers can insert currency notes and get coins in exchange through these machines. |
| 5. | The introduction of coin vending machines is an important step towards addressing the problem of coin shortage in the country. |
Conclusion
In conclusion, the introduction of coin vending machines is a positive step towards addressing the issue of coin shortage in the country. It will not only make coins easily accessible to the public but will also reduce the cost of managing coins for banks. The success of the pilot project will determine its expansion to other cities across the country.
Important FAQs for Students from this News
Q: What is the RBI’s pilot project on coin vending machines?
A: The RBI has launched a pilot project to introduce coin vending machines (CVMs) in various cities across the country.
Q: What is the objective of the RBI’s pilot project on coin vending machines?
A: The project is aimed at increasing the circulation of coins in the country and making them easily available to the public.
Q: Which cities have been selected for the pilot project?
A: Various locations in Ahmedabad, Hyderabad, and Mumbai have been selected for the pilot project.
Q: How will the coin vending machines work?
A: The customers can insert currency notes and get coins in exchange through these machines.
Q: What is the significance of the introduction of coin vending machines?
A: The introduction of coin vending machines is an important step towards addressing the problem of coin shortage in the country.
Some Important Current Affairs Links
