At current, banknotes within the denominations of Rs 10, 20, 50, 100, 200, 500 and a pair of,000 are in circulation, apart from Re 1 notes issued by the Centre.
The RBI mentioned that identification of banknote denomination is essential to profitable completion of cash-based transactions by visually impaired individuals.
Intaglio printing primarily based identification marks for serving to the visually challenged in identification of banknotes denomination are current within the notes of Rs 100 and above.
After demonetisation of previous Rs 500/1,000 notes in November 2016, new banknotes in design and sizes have been put in circulation.
“The Reserve Financial institution of India has been delicate to the challenges confronted by the visually challenged in conducting their daily enterprise with Indian banknotes,” mentioned the central financial institution whereas scouting for a vendor to develop the cellular utility.
The proposed cellular app would have the ability to determine the denomination of notes of Mahatma Gandhi Sequence and Mahatma Gandhi (New) sequence by capturing the picture of the notes positioned in entrance of cellular digital camera, the RBI mentioned whereas inviting bids from tech companies to develop the app.
The RBI had come out with an identical ‘request for proposal’ from distributors however later cancelled it.
The app can even generate “audio notification” intimating the forex notice denomination to the person if picture is captured appropriately, else intimating the person to strive once more in case of picture is just not readable.
There are about 80 lakh blind or visually impaired individuals within the nation, who’re more likely to profit from the initiative of the central financial institution.
In June, 2018 the central financial institution had declared that it will discover the feasibility of creating an acceptable gadget or mechanism for aiding the visually impaired within the identification of Indian banknotes.
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