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October 11, 2024 5:51 PM

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RBI Instructs PSPs to Review and Upgrade Digital Payment Systems for Persons with Disabilities

The Reserve Bank of India (RBI) has instructed all Payment Service Providers (PSPs), including all banks and non-bank entities, to review their payment systems and improve the accessibility of digital payment systems for Persons with Disabilities (PwDs). In a statement, RBI mentioned that based on this review, PSPs may need to carry out modifications so that all payment systems and devices, such as Point-of-Sale (PoS) machines, can be accessed and used easily by the PwDs. RBI said that PSPs are also required to ensure compliance with the “Accessibility Standards and Guidelines for the Banking Sector” issued by the Ministry of Finance, Government of India, on 2nd February, 2024. The RBI emphasized that while selecting potential solutions, PSPs must ensure that any modifications or enhancements do not compromise the security of their systems. PSPs are required to submit details of the systems or devices that need modification, along with a time-bound action plan for achieving accessibility improvements.