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News

RBI planning mobile app

https://f002.backblazeb2.com/b2api/v1/b2_download_file_by_id?fileId=4_za8a2358db1d7f91b68b30916_f112cc7358a69df1b_d20190718_m121430_c002_v0001126_t0054

RBI planning mobile app.

The Reserve Bank of India (RBI) is planning to come out with a mobile application to aid visually-impaired persons in identifying Indian currency notes. At present, banknotes in the denominations of Rs 10, 20, 50, 100, 200, 500 and 2,000 are in circulation, besides the one rupee notes issued by the Government of India. Intaglio printing based identification marks for helping the visually-challenged in identification of denomination of banknotes are present in notes of Rs 100 and above. The RBI has solicited bids from technology firms for developing the mobile application.

'The application should be able to identify denomination of legal tender banknotes of Mahatma Gandhi Series and Mahatma Gandhi (New) series by capturing the image of the notes placed in front of mobile camera or scrolled across it,' said the request for proposal issued by the central bank. Also, the mobile application should be searchable via voice option in all app stores. 'The mobile application should be able to identify the bank note denomination in two seconds or less,' the RBI said, and added that the app should also work in offline mode without internet connection.

As on March 31, 2018, there were about 102 billion pieces of banknotes in circulation having a value of Rs 18 lakh crore.

There are about 80 lakh blind or visually impaired people in the country, who are likely to benefit from the initiative of RBI.

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RBI planning mobile app