{"id":11736,"date":"2023-06-01T10:29:07","date_gmt":"2023-06-01T04:59:07","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=11736"},"modified":"2025-03-30T05:09:28","modified_gmt":"2025-03-29T23:39:28","slug":"lightweight-and-portable-payment-system","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/lightweight-and-portable-payment-system\/","title":{"rendered":"Lightweight and Portable Payment System"},"content":{"rendered":"<h2><strong>About Lightweight and Portable Payment System:<\/strong><\/h2>\n<ul>\n<li>The RBI has conceptualized this system which it is calling a bunker which is an equivalent of digital payments that can be operated from anywhere by a bare minimum staff in exigencies such as natural calamities or war.<\/li>\n<li>It is expected to operate on minimalistic hardware and software and would be made active only on a need basis.<\/li>\n<li>The infrastructure for this system will be independent of the technologies that underlie the existing systems of payments such as UPI, NEFT, and RTGS.<\/li>\n<li>The system is expected to process transactions that are critical to ensure the stability of the economy, including government and market-related transactions.<\/li>\n<li>The existing conventional payment systems such as RTGS, NEFT, and UPI are designed to handle large volumes of transactions while ensuring sustained availability.<\/li>\n<li>As a result, they are dependent on complex wired networks backed by advanced IT infrastructure.<\/li>\n<\/ul>\n<h3>What is NEFT?<\/h3>\n<ul>\n<li>The National Electronic Funds Transfer is an electronic method of transferring money online.<\/li>\n<li>It enables transferring funds from the account maintained with any bank to any other bank branch, provided the transaction is attempted between the banks that participate in the NEFT payment system.<\/li>\n<li>The payments made via NEFT are processed and settled half hourly batches and transactions can be performed 24*7.<\/li>\n<li>Minimum Transfer Value: Rs. 1<\/li>\n<li>Maximum transfer value: No limit<\/li>\n<li>Money transfer made through NEFT does not require any additional transaction costs.<\/li>\n<\/ul>\n<h3>What is RTGS?<\/h3>\n<ul>\n<li>It stands for Real-time Gross Settlement, which is a payment mode where the money is transferred from one bank account to the other in real time, without any delay.\u00a0<\/li>\n<li>It is mostly used for transactions of high value.<\/li>\n<li>When using the banking method, RTGS is the fastest possible way to transfer money.<\/li>\n<li>Transactions made through RTGS are processed on a one-to-one basis and transactions can be performed 24*7.<\/li>\n<li>Minimum Transfer Value: Rs. 2 lakh<\/li>\n<li>Maximum transfer value: No upper limit is there, but can vary between banks.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<hr \/>\n<h3>Q1) What is UPI?<\/h3>\n<p>UPI stands for Unified Payments Interface. It is a real-time payment system developed by the National Payments Corporation of India (NPCI). UPI enables individuals to instantly transfer funds between bank accounts using their mobile phones.<\/p>\n<p><strong>Source:\u00a0<\/strong><a href=\"https:\/\/indianexpress.com\/article\/explained\/explained-sci-tech\/what-is-rbi-planned-lightweight-payments-system-for-emergencies-8637007\/\" target=\"_blank\" rel=\"nofollow noopener\"><u>Alternative to UPI, NEFT, RTGS: What is RBI\u2019s planned \u2018lightweight\u2019 payments system for emergencies?<\/u><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lightweight and portable payment system can be operated from anywhere by a bare minimum staff in exigencies.<\/p>\n","protected":false},"author":5,"featured_media":11737,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-11736","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/11736","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=11736"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/11736\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/11737"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=11736"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=11736"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=11736"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}