WHAT ARE THE POSSIBILITIES AND WHAT ARE WE DOING?

Today there are many technological solutions to overcome some of the barriers faced by the visually challenged in the area of banking.

Finger print identification technology can be effectively explored to allow the use of thumb impressions while operating bank accounts. Alternatively, in countries like Japan, even sighted people use what are known as signature stamps, Hanko and Inkan, instead of actual signatures, for signing of official documents.

The XRCVC is in the process of developing a thumb print recognition software named as "e-Signs" with the help of CMC Ltd. (a TATA Enterprise) which can be applied across the banking system in partnership with the RBI to process cheques.

With regards to the Insurance sector, we have to check for inconsistencies in policies and their implementation. There seems to be a myth that the visually challenged are a 'high risk' group. These myths need to be questioned through research and inquiry. Further, in countries like the US, the disabled are guaranteed social security within the government programmes; this option could be explored here as well.

The Initial Successes

DMAT Account

Similar to erroneous banking rules, the rules and regulations for opening and operating DMAT accounts posed a problem for the visually challenged. We drafted and filed a collective representation with 21 other organisations across the country to the National Security Depositary Limited (NSDL), India. The NDSL authorities were cooperative and decided to withdraw the old circular; a new revised circular has been put in its place.

You can read the circular on the following link, which now permits the visually challenged to open and operate the DMAT accounts on par with the sighted.

NSDL circular on DMAT account

e-Signs

Regarding banking software development, the fingerprint recognition software system ‘e-Signs’ is now ready for testing and we plan to organise pilot tests with banks. If your financial institution would want to pilot test this product or know more about it you can contact us.

Accessible Banking Rules

In taking accessible banking legislation forward the XRCVC has been able to work with the RBI to issue a new circular stating equal banking access for the visually challenged.

RBI circular on banking facilities for visually challenged

Further the XRCVC in order to bring the RBI circular into effective practices had submitted a representation to the Indian Bank's Association (IBA) to bring about effective rules and regulations.

XRCVC representation to IBA

As a follow up to the XRCVC’s representation to the IBA, the IBA has issued new procedural guidelines to all its bank branches. The same were issued on 18th November 2008, and can be read by opening below link.

IBA circular on providing banking facilities to visually challenged

Accessible A T M's

RBI on 13th April 2009 has issued a circular on the need for Banks to have Accessible A T M’s which persons with disability can access. In order to make this circular a reality as also further enhance accessible financial services for the visually challenged the XRCVC has begun work with banks to commence the process of testing and installations of accessible A T M’s.

RBI circular on Accessible A T M's