RBI to come out with mobile app for currency notes

RBI to come out with mobile app for currency notes Techiexpert.com

The Reserve Bank of India will now be going to come out with a mobile app to help visually challenged people in identifying the currency notes as cash till remains a dominant mode of transactions.

As of now the present banknotes in the denominations of INR 10, 20, 50, 100, 500, 200, 2000 are in the market.

The RBI revealed that the identification of banknote denomination is a key to the successful completion of cash-based transactions by the visually impaired persons.

Intaglio printing based identification marks for helping the visually challenged in identifications of banknotes denominations are presents in the notes of around INR 100 and above.

After the denomination of old INR 500 and 1000 notes in November 2016, the new banknotes in designs and sizes have put in circulation.

“The Reserve Bank of India has been sensitive to the challenges faced by the visually challenged in conducting their day to day business with Indian banknotes,” said the central bank while scouting for a vendor to develop the mobile application.

The mobile app will be able to identify the denomination of notes of Mahatma Gandhi series and Mahatma Gandhi series by capturing the images of notes places in front of the mobile camera; the RBI revealed inviting bids from the tech firms to develop the application for the both the Android and iOS.

The app will also help to generate the “audio notification” intimating the currency note denomination to the user if the image is captured correctly, else thus intimating the user to try again in case image is not readable.

Report

Written by Udit Agarwal

Startup/Tech News Correspondent, Responsible for gathering information on the tech companies working on IOT, AI, ML, Cloud, Mobile Technologies,

Udit can be reached at [email protected]

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