In a bid to help the visually challenged, the Reserve Bank of India (RBI) is scouting for a digital solution that can identify and read out the denomination of Indian currency notes to users.
Coming in the backdrop of issuance of new currency notes, the plan is aimed at developing or authenticating a technology-based solution to achieve the task in a few seconds, according to a source familiar with the development. The solution could be a device, software or a combination of both, to help not just the visually challenged, but also those who cannot read in poor lighting, the source said.
Following up on an announcement in June, the RBI recently called for an expression of interest (EoI) from entities for a mechanism or device that can detect and read out the denomination. The reason behind the RBI scouting for such solutions is because of the blurring of physical dimensions of the notes that thus far served as the main differentiator.
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In other words, unlike in the past, the size of the note need not be indicative of denomination. There are also certain Intaglio (raised) printing-based identification marks in currency notes of ₹100 and above. The RBI is “sensitive to the challenges faced by visually challenged in conducting their day-to-day business with Indian banknotes,” the statement in June said.
Noting that technological progress had opened up new vistas for making banknotes more recognisable for the visually challenged, the bank had announced its decision to explore the feasibility of developing a suitable device or mechanism for aiding them in the identification.
As on March 31, 2018, about 102 billion pieces of banknotes were in circulation, having a value of ₹18 trillion. This comprised ₹10, 20, 50, 100, 200, 500 and 2000 notes, including the new series being issued since November 2016. The new ₹20 note is expected to be released soon.
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Apart from inviting EoIs, the RBI has formed a panel to go into different aspects, including solutions in practice abroad, which include an app used in the U.S. and a credit card-sized solution in a few other countries.