RBI to launch QR code-based coin vending machines
- The Reserve Bank of India will launch a pilot project on QR code-based coin vending machine. The announcement was made by RBI Governor Shaktikanta Das during the Monetary Policy Committee meeting announcements on Wednesday.
- The Governor said that these machines will be launched with an aim to promote distribution of coins, and enhance the accessibility to coins. The vending machines will dispense coins against debit to customer’s account using UPI instead of physical tendering of banknotes.
RBI’s UPI push: G20 travellers can use UPI for payments at select airports
- The Reserve Bank of India has said that it will allow all inbound travellers to use Unified Payments Interface (UPI) payments for their merchant payments while they are in the country. The facility will be first introduced for travellers from G20 countries arriving at select international airports, RBI Governor Shaktikanta Das said on Wednesday.
- It’s now proposed to permit all inbound travellers to use UPI payments for their merchant payments while they are in the country. To begin with, this facility will be extended to travellers from G20 countries arriving at select international airports,” said RBI Governor Shaktikanta Das.
RBI raises repo rate by 25 basis points to 6.5% from 6.25%
- Reserve Bank of India repo rate: The Reserve Bank of India (RBI) Governor Shaktikanta Das-headed Monetary Policy Committee (MPC) has raised the repo rate by 25 basis points to 6.5 per cent on Wednesday from 6.25 percent. Repo Rate (RR) is the rate at which the central bank lends money to commercial banks or financial institutions, public or private, in India against government securities. Das said that four MPC members voted in favour of the repo rate revision versus two members. The central bank said that its policy stance remains focused on the withdrawal of accommodation.
- “Repo rate now in positive territory. Further action is warranted in India,” noted RBI Governor Das.