RBI unveils new lightweight payment system
Image Credit: twitter
In its annual report for 2022-23, RBI proposed a Lightweight Payment and Settlement System (LPSS), an innovative payment system independent of existing technologies. The aim of the new system is to provide uninterrupted financial services even when conventional payment systems like RTGS, NEFT, and UPI fail. RBI has conceptualized LPSS as a lightweight and portable system, which will be active only when needed.