The Reserve Bank of India (RBI) on Friday issued a directive to all Payment Service Providers (PSPs), including banks and non-bank authorised payment entities, to enhance the accessibility of digital payment systems for Persons with Disabilities (PwDs).
The directive highlights the need for banks and PSPs to review and modify their payment systems, ensuring compliance with the “Accessibility Standard Guidelines for Infrastructure and Services in Financial Institutions” issued by the Ministry of Finance in February 2024.
These guidelines are designed to facilitate seamless financial access for PwDs, enabling them to fully utilise digital payment platforms.
“To foster effective access, PSPs (banks and authorized non-bank payment providers) are instructed to assess their current payment systems and devices in terms of accessibility for PwDs,” the RBI said in a statement.
It further advised that necessary modifications be made to devices such as Point-of-Sale (POS) machines to ensure ease of use for PwDs.
The central bank stated that while ensuring accessibility, PSPs must also maintain stringent security protocols, ensuring that any modifications do not compromise the safety of financial transactions.
PSPs are required to submit a comprehensive review of their systems within one month, detailing devices that require modification and providing a timeline for implementation. The review will be sent to the Department of Payment and Settlement Systems (DPSS) at RBI, along with contact information for a designated Nodal Officer responsible for overseeing the process.
India’s drive toward digitalisation has been significant, with the Financial Inclusion Index reaching 64.2 in FY24, up from 53.9 in FY21. RBI said that PwDs are increasingly adopting digital payment methods, making it imperative for financial institutions to cater to this growing user base with accessible solutions.
