RBI working on portable payment system for transactions during tragic times ...Middle East

Business Standard - Economy
RBI working on portable payment system for transactions during tragic times
source : Business Standard ( Middle East ) () 27
Reserve Bank of India is working on a light weight and portable payment system, a "bunker equivalent in payment systems", that can be used for critical transactions during catastrophic events like natural calamities and war. The proposed Light weight and Portable Payment System (LPSS) will be independent of conventional technologies and can be operated from anywhere by a bare minimum staff, according to the central bank. Existing conventional payment systems like RTGS (Real Time Gross Settlement), NEFT (National Electronic Funds Transfer) and UPI (Unified Payments Interface) are designed to handle large volumes while ensuring sustained availability. These systems are dependent on complex wir

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