RBI is preparing according to future needs.New Delhi:
The Reserve Bank of India (RBI) is preparing a payment system that works in any situation. This system will be useful for important transactions during catastrophic events like natural disasters and wars. According to the central bank, the proposed 'Light Weight and Portable Payment System' (LPSS LPSS) will be different from traditional technologies and very few employees will be able to operate it from anywhere. In simple language, it is also being called the 'bunker' system.
Existing payment systems like RTGS (Real Time Gross Settlement), NEFT (National Electronic Fund Transfer) and UPI (Unified Payments Interface) have been designed for large volume payments. These systems rely on advanced IT infrastructure and complex wire networks.
In its annual report, the RBI said these systems may be temporarily shut down in catastrophic events such as natural disasters and war.
"Therefore, it makes sense to be prepared to face such odd situations," the report said.
Keeping this in mind, the RBI has envisaged LPSS, which will be independent of traditional technologies and can be operated from anywhere with very little staff.