UPI, NEFT to RTGS : How RBI's lightweight payment system will be different from others?
RBI is planning to introduce a lightweight payment and settlement system (LPSS) that can operate from anywhere with minimal staff. The LPSS will be activated on a need basis and will operate independently of existing payment systems, such as RTGS, NEFT, and UPI
The Reserve Bank of India's proposed lightweight payment and settlement system (LPSS) will introduce a paradigm shift in the Indian payment landscape. In its annual report for 2023-24, the central bank has unveiled its plans for LPSS.