What changed
RBI issued a new circular on October 11, 2024, requiring all payment system participants (banks and non-bank providers) to review their digital payment systems and devices for accessibility for Persons with Disabilities. They must submit a time-bound action plan to RBI within one month, referencing the Ministry of Finance's Accessibility Standards for Banking Sector from February 2024.
What it means for you
Banks and non-bank payment providers must now proactively ensure their POS machines, UPI interfaces, and other digital payment devices are usable by differently abled persons. This adds compliance and modification costs but aligns with inclusive banking goals. Security must not be compromised during upgrades.
What you must do
- Review all payment systems and devices (e.g., POS machines) for accessibility gaps for Persons with Disabilities.
- Adhere to the Ministry of Finance's Accessibility Standards for Banking Sector (Feb 2024) as applicable.
- Submit a detailed list of systems needing modification and a time-bound action plan to [email protected] within one month.
- Appoint a Nodal Officer for RBI queries and include their details in the submission.
Who it affects
All scheduled commercial banks, Non-bank payment system providers (e.g., fintechs, payment aggregators), Payment system participants handling digital payments and POS devices
What is the deadline for submitting the action plan?
The action plan must be submitted within one month from the circular date, i.e., by November 11, 2024.
Does this apply to non-bank payment providers?
Yes, the circular applies to all payment system participants, including banks and authorised non-bank payment system providers.
What standards should we follow for accessibility?
You should adhere to the Ministry of Finance's 'Accessibility Standards and Guidelines for Banking Sector' notified on February 2, 2024, as applicable.