LPSS: RBI working on a 'lightweight' system for digital payments during contingencies |Oneindia News

LPSS: RBI working on a 'lightweight' system for digital payments during contingencies |Oneindia News

The RBI is soon going to have a new avenue to make digital payments easier and more convenient, especially in the context of making digital transactions seamless in the event of natural calamities or catastrophe.

This new proposed system will be independent of conventional technologies and can be operated from anywhere using minimum infrastructure ..and by employing a bare minimum staff.

For the time being, RBI has not offered a timeline for the launch of this payments system..but it has confirmed that the work is in progress.

RBI is conceptualizing a new system that will be known as ‘lightweight and portable Payment and Settlement System’ …abbreviated as the LPSS.

This innovative system aims to provide uninterrupted financial services even when conventional payment systems are temporarily unavailable due to disruptions in the underlying information and communication infrastructure.

It will only be activated when needed, such as during a natural disaster or other catastrophic event.

The system would process transactions that are critical to the stability of the economy, such as government and market-related transactions.

This would help to ensure that the economy is able to function smoothly and that there is no disruption to the flow of money.

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