RBI Update : Reserve Bank of India (RBI) is preparing to introduce a new payment system completely different from UPI, RTGS and NEFT. This new payment system will be able to work in any circumstances. That is, this system will be useful for important transactions during destructive events like natural disasters and war.

According to the central bank, the proposed 'Light Weight and Portable Payment System' will be different from traditional technologies and can be operated from anywhere by a small number of employees.

This payment system is already in service-

Existing payment systems such as RTGS (Real Time Gross Settlement), NEFT (National Electronic Funds Transfer) and UPI (Unified Payments Interface) are designed for large volume payments.

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These systems depend on advanced IT infrastructure and complex wiring networks. RBI said in its annual report that these systems may be temporarily shut down in destructive events like natural disasters and war.

Will be operated with very less staff-

“Therefore, it is prudent to be prepared to face such adverse circumstances,” the report said. Keeping this in mind, RBI has envisaged LPSS. Which will be independent from traditional technologies and its cost will be very low. It can be operated from anywhere with employees.

Superfast News Coverage By YuvaPatrkaar.com Team

Publish Date: February 24, 2024

Posted By Sunil

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