Q. With reference to Lightweight Payment and Settlement System (LPSS) consider the following statements::
1.The payment system ensures that the processing of transactions continues even at the times of global economic crisis.
2.The LPSS will operate independently of existing payment systems like RTGS, NEFT, and UPI.
Select the correct answer from the code given below
Answer: B
Notes:
Explanation –
Statement 1 is incorrect. LPSS aims to ensure that the processing of transactions continues without disruption during catastrophic events such as natural calamities and war. This system can be operated from anywhere by a bare minimum of staff.
Statement 2 is correct. The LPSS will operate independently of existing payment systems like RTGS, NEFT, and UPI.
Source: ForumIAS
