BUSINESS

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BUSINESS

RBI unveils lightweight payment system

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Potential disruption

The Reserve Bank of India unveiled the Lightweight Payment and Settlement System (LPSS) to address any potential disruption of current infrastructure.

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Independent system

LPSS will be independent of existing technologies and aim to provide uninterrupted financial services even when conventional payment systems fail.

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All-weather

LPSS is a payment system that can function during natural calamities and war, as it does not rely on wired networks and advanced IT infrastructure.

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Almost-zero downtime

LPSS is designed to have minimal hardware and software, with almost-zero downtime to process transactions necessary for economic stability.

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Public confidence

LPSS will ensure the continuous functioning of India's economy during adverse conditions and enhance public confidence in digital payments.