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RBI to come out with mobile app for currency notes identification

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

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Published : Jul 15, 2019, 5:13 PM IST

New Delhi: The Reserve Bank of India will come out with a mobile application to help visually challenged people in identifying currency notes as cash still remains a dominant mode of transaction.

At present, banknotes in the denominations of Rs 10, 20, 50, 100, 200, 500 and 2,000 are in circulation, besides Re 1 notes issued by the Centre.

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

Intaglio printing based identification marks for helping the visually challenged in the identification of banknotes denomination is present in the notes of Rs 100 and above.

After demonetisation of old Rs 500/1,000 notes in November 2016, new banknotes in design and sizes have been 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.

Read more:Wholesale price raise eases to near 2-year low at 2.02% in June

The proposed mobile app would be able to identify the denomination of notes of Mahatma Gandhi Series and Mahatma Gandhi (New) series by capturing the image of the notes placed in front of the mobile camera, the RBI said while inviting bids from tech firms to develop the app.

The RBI had come out with a similar 'request for proposal' from vendors but later cancelled it.

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

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

In June 2018 the central bank had declared that it would explore the feasibility of developing a suitable device or mechanism for aiding the visually impaired in the identification of Indian banknotes.

New Delhi: The Reserve Bank of India will come out with a mobile application to help visually challenged people in identifying currency notes as cash still remains a dominant mode of transaction.

At present, banknotes in the denominations of Rs 10, 20, 50, 100, 200, 500 and 2,000 are in circulation, besides Re 1 notes issued by the Centre.

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

Intaglio printing based identification marks for helping the visually challenged in the identification of banknotes denomination is present in the notes of Rs 100 and above.

After demonetisation of old Rs 500/1,000 notes in November 2016, new banknotes in design and sizes have been 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.

Read more:Wholesale price raise eases to near 2-year low at 2.02% in June

The proposed mobile app would be able to identify the denomination of notes of Mahatma Gandhi Series and Mahatma Gandhi (New) series by capturing the image of the notes placed in front of the mobile camera, the RBI said while inviting bids from tech firms to develop the app.

The RBI had come out with a similar 'request for proposal' from vendors but later cancelled it.

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

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

In June 2018 the central bank had declared that it would explore the feasibility of developing a suitable device or mechanism for aiding the visually impaired in the identification of Indian banknotes.

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Sensex ends 160 pts higher, Infosys soars 7 pc
          Mumbai, Jul 15 (PTI) Market benchmark BSE Sensex ended 160 points higher Monday driven by heavy gains in index heavyweight Infosys and positive macroeconomic cues.
          After swinging 327 points during the day, the 30-share index settled 160.48 points or 0.41 per cent higher at 38,896.71. The index hit an intra-day high of 39,023.97 and a low of 38,696.60.
          The broader NSE Nifty ended 35.85 points, or 0.31 per cent, up at 11,588.35. During the day, the index hit a high of 11,618.40 and a low of 11,532.30.
          Infosys was the top gainer in the Sensex pack, closing 7.20 per cent higher as investors cheered its financial results.
          The IT major posted better-than-expected 5.3 per cent rise in its June quarter net profit, and raised revenue growth forecast for the current fiscal.
          Rival TCS too jumped 1.77 per cent.
          Other gainers included Sun Pharma, TechM, Maruti, Kotak Bank, Bajaj Finance and HDFC twins, ending up to 3.61 per cent higher.
          On the other hand, IndusInd Bank, L&T, ITC, Bharti Airtel, ICICI Bank, Yes Bank, SBI and Hero MotoCorp lost up to 2.28 per cent.
          Besides the rally in Infosys, wholesale price-based inflation declined for the second consecutive month to its 23-month low of 2.02 per cent in June, traders said.
          Inflation in food articles basket eased marginally to 6.98 per cent in June, from 6.99 per cent in May. Vegetable inflation too softened to 24.76 per cent in June, down from 33.15 per cent in the previous month.
          Elsewhere in Asia, Shanghai Composite Index, Hang Seng and Nikkei ended in the green, while Kospi settled in the red.
          Equities in Europe were trading lower in their respective early sessions.
          On the currency front, the Indian rupee appreciated 17 paise to 68.52 against the US dollar (intra-day).
          Meanwhile, the global oil benchmark Brent crude futures were trading 0.42 per cent higher at USD 67 per barrel. PTI ANS
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