RBI Developing Light Weight Portable Payment System for Natural Calamities and War
The Reserve Bank of India (RBI) is working on developing a Light Weight Portable Payment System (LPSS) that can be operated during natural calamities and war-like situations. Unlike the existing payment systems such as RTGS, NEFT, and UPI, which work on advanced IT infrastructure, the proposed LPSS will be independent of traditional technology. It is expected to work on minimum hardware and software, and a small number of employees will be able to operate it from anywhere.
Key highlights:
– RBI is developing a Light Weight Portable Payment System (LPSS) that can be operated during natural calamities and war-like situations.
– Unlike the existing payment systems, LPSS will be independent of traditional technology.
– It is expected to work on minimum hardware and software, and a small number of employees will be able to operate it from anywhere.
– LPSS will be activated when needed and will be useful for completing critical transactions related to the stability of the economy, including government and market-related transactions.
LPSS is being developed to ensure that important transactions can be completed during times of crisis when the traditional payment systems might not be operational due to disruptions in the underlying information and communication infrastructure. LPSS will be activated when needed and will be useful for completing critical transactions related to the stability of the economy, including government and market-related transactions.
In conclusion, the development of LPSS by RBI is a step towards ensuring the smooth functioning of the economy during natural calamities and war-like situations. The LPSS will provide a secure and reliable payment system that can be operated from anywhere by a small number of employees.
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