RBI has come up with a new system to transfer money to another account, RTGS and NEFT are outdated

Work is being done by the Reserve Bank of India (RBI) to develop a light weight and portable payment system. natural to this payment system

Can be operated for important transactions during situations like disasters and war. According to RBI, the proposed Light Weight and Portable Payment System (LPSS) will be independent of traditional technology. Some special employees will be able to operate this system anywhere.

Existing payment systems work on IT infrastructure

The existing payment systems such as RTGS, NEFT and UPI currently running for payment transactions have been designed to handle large amounts of payments.

These payment systems work on advanced IT infrastructure. It was told by RBI that these payment systems have been affected by natural calamities.

and may be made available temporarily by disrupting the underlying information and communication infrastructure in a war-like situation.

Employees can operate from anywhere

In such a situation, to face any kind of situation, there is a need to prepare such a system which can be used in any condition. with this objective in mind

LPSS has been planned by RBI, which will be independent of traditional technology and can be operated from anywhere by a small number of employees.

RBI said, ‘It is expected to work on minimum hardware and software. It will be activated when needed.

It will be useful for completing such transactions which are important for ensuring the stability of the economy like government and market related transactions.