The Reserve Bank of India (RBI) is working to create a lightweight, portable payment system. During natural disasters and situations resembling war, this payment mechanism might be used for crucial transactions. The proposed Light Weight and Portable Payment System (LPSS) will not rely on conventional technologies, claims RBI. This system will be portable and accessible to some select staff.
Current payment systems are supported by IT infrastructure.
Large sums of payments can be handled using the current payment systems, including RTGS, NEFT, and UPI, which are in use for payment transactions. These payment systems are powered by cutting-edge IT technologies. The RBI advised that in the event of a natural disaster or conflict, these payment methods may be temporarily rendered accessible by sabotaging the underlying information and communication infrastructure.
Employees will be able to work from anywhere
thus it is necessary to set up a system that can be used in every circumstance so that they can deal with any problem. LPSS, which will be independent of conventional technology and can be operated from any location by a small number of people, was planned by RBI with this goal in mind.
According to RBI, it should operate with the bare minimum of hardware and software.
It will turn on when necessary. It will be helpful for finishing tasks like government and market-related transactions that are crucial for maintaining the stability of the economy.
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