— The Reserve Bank of India (RBI) has conceptualised a lightweight payment and settlements system, which it is calling a “bunker” equivalent of digital payments, 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. Hence, statement 1 is not correct. — The lightweight and portable payment system could ensure near zero downtime of the payment and settlement system in the country and keep the liquidity pipeline of the economy alive and intact by facilitating uninterrupted functioning of essential payment services like bulk payments, interbank payments and provision of cash to participant institutions. Hence, statement 2 is correct. — The system is expected to process transactions that are critical to ensure the stability of the economy, including government and market related transactions.
What does the directing function of management involve?
What is the significance of the ethical principle of responsibility and accountability in business ethics?
Why is anonymity important in certain situations?
Non-partisanship is especially important in roles where individuals:
Why is tolerance important in a diverse society?
Civil servants are expected to refrain from:
Why is emotional intelligence important in personal and professional life?
How can organizational structure incorporate ethical oversight and compliance?
What is the core of empathy and compassion?
Non-partisanship ensures that civil servants: