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LIGHT WEIGHT PAYMENT

LIGHT-WEIGHT PAYMENT

  • Posted: 17/06/2023

LIGHT-WEIGHT PAYMENT

Why in news?: 

The Reserve Bank of India (RBI) has conceptualised a lightweight payment and settlements system, which can be operated from anywhere by a bare minimum staff in exigencies such as natural calamities or war.

  • The infrastructure for this system will be independent of the technologies that underlie the existing systems of payments such as UPI, NEFT, and RTGS.

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