RBI Releases Guidelines To Enhance Digital Payment Accessibility For Specially-Abled

The Reserve Bank of India (RBI) on October 11, 2024 released a set of essential rules to improve accessibility to digital payment systems for the specially-abled. As more people utilise digital payment methods, payment system participants (PSPs) such as banks and approved non-bank providers, must guarantee that their systems can accommodate all users, RBI said.

The guidelines follow the RBI’s Master Circular on Customer Service in Banks dated July 1, 2015 emphasising the need for financial institutions to provide equitable banking services to all segments of the population particularly the specially-abled. The guidelines also refer to the Accessibility Standards and Recommendations for the banking sector which were issued by the Ministry of Finance on February 2, 2024.

Key Aspects Of The Guidelines

1] Review Of Payment Systems: PSPs should assess their payment systems and devices including point-of-sale (PoS) machines, to identify any improvements that are required to improve accessibility for people with disabilities. PSPs should alter their payment methods and gadgets to ensure that individuals with disabilities can readily use and access them, RBI said.

2] Compliance With Accessibility Standards: According to the guidelines, all modifications must adhere to the Accessibility Standards outlined by the Ministry of Finance to ensure that the systems are user-friendly for individuals with various disabilities. Care must be taken during the selection of solutions to ensure that enhancements do not compromise the security aspects of the payment systems, the guidelines suggest.

3] Security Assurance: Further, PSPs will have to ensure that while improving accessibility the security of payment systems is not compromised. It is crucial that any modifications maintain robust security measures to protect user data and transactions, RBI said.

4] Action Plan Submission: Within a month following the release of these rules PSPs will have to provide the RBI with a comprehensive report. This report should outline the systems and devices needing modification, as well as include a time-bound plan for implementation. The report should be directed to the Department of Payment and Settlement Systems, along with the contact details of a designated nodal officer for further inquiries, the guidelines added.

The RBI rules demonstrate a commitment to inclusion in digital payment systems. By implementing these steps, PSPs may improve access for people with impairments, boosting financial independence and participation in the economy. In the end this approach will help to create a more equal financial landscape for all users.