On Friday, the Reserve Bank of India (RBI) instructed banks to review their payment systems to ensure they are accessible to people with disabilities.
The RBI noted that the digital payment system is being increasingly adopted by all sections of the public, including those with disabilities.
To enhance accessibility, the RBI advised payment system participants (PSPs), which include banks and authorized non-bank payment providers, to examine their systems and devices for improvements.
Necessary Changes for Accessibility
The RBI emphasized that banks and non-bank payment providers should make necessary updates to their payment systems and devices, such as point-of-sale machines, to make them easier for disabled individuals to use.
PSPs are required to provide the RBI with details about the systems and devices that need changes within a month.
They must also submit a time-bound action plan outlining how they will achieve these changes.
Risk Assessment for Financial Institutions
Additionally, the RBI urged banks and non-banking financial companies (NBFCs) to gather information from all available sources for risk assessment.
The central bank highlighted the importance of regularly assessing these institutions to identify risks related to money laundering and terrorist financing.
With the evolving business environment and the complexity of financial products, there is an increased risk of such financial crimes.
The RBI stressed the need for appropriate measures to mitigate these risks.
