QR Code-based Coin Vending Machine

Context: Recently, the Reserve Bank of India announced the launching of a pilot project on QR code-based coin vending machine.

About QR Code-based Coin Vending Machine:

• The machine is to be launched in 12 cities in the first phase.
• The QCVM is a cashless coin dispenser that dispenses coins in exchange for a debit to the customer’s bank account via the Unified Payments Interface (UPI).
• These machines will use UPI-based code systems to provide coins.
• Earlier the machines tendered the bank notes physically.
• Here the consumer need not use currency notes.
• Rather he shall use his bank account password or a pin to get coins.
• As he enters the pin or password, the vending machine verifies with his bank account and issues coins from his bank account directly.
• Earlier, the consumer had to drop in currency notes to get coins.

Source: The Hindu

Previous Year Questions

Q.1) Consider the following statements:

1. In India, credit rating agencies are regulated by Reserve Bank of India.
2. The rating agency popularly known as ICRA is a public limited company.
3. Brickwork Ratings is an Indian credit rating agency.

Which of the statements given above are correct? (2022)

1. 1 and 2 only
2. 2 and 3 only
3. 1 and 3 only
4. 1, 2 and 3

Q.2) With reference to India, consider the following statements:

1. Retail investors through Demat account can invest in Treasury Bills and Government of India Debt Bonds in the primary market
2. The “Negotiated Dealing System-Ordering Matching” is a government securities trading platform of the Reserve Bank of India.
3. The “Central Depository Services Ltd” is jointly promoted by the Reserve Bank of India and the Bombay Stock Exchange.

Which of the statements given above is/are correct? (2021)

1. 1 only
2. 1 and 2
3. 3 only
4. 2 and 3