UPSC Exam > UPSC Questions > Consider the following statements with refere...
Start Learning for Free
Consider the following statements with reference to the lightweight payment system:
1. It will operate independently of existing payment systems like RTGS, NEFT, and UPI.
2. It will process transactions that are critical to ensure the stability of the economy.
Which of the statements given above are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
Consider the following statements with reference to the lightweight pa...
- Statement 1 is correct: The lightweight payment system (LPSS) will operate independently of existing payment systems like RTGS, NEFT, and UPI, and aims to provide a portable and resilient solution during natural calamities and wartime situations. Real-time gross settlement (RTGS), National Electronic Fund Transfer (NEFT), and Unified Payments Interface (UPI) are dependent on complex wired networks backed by advanced IT infrastructure. "However, catastrophic events like natural calamities and war have the potential to render these payment systems temporarily unavailable by disrupting the underlying information and communication infrastructure. By conceptualising the LPSS, the central bank aims to ensure the availability of essential payment services and maintain economic stability in extreme and volatile situations.
- Statement 2 is correct: This payment system would process transactions that are critical to ensure the stability of the economy, such as government and market-related transactions. The Reserve Bank of India said that this payment system can be operated from anywhere by a bare minimum staff in order to be prepared to face extreme situations such as natural calamities and war, and would be made active only on a need basis.
Community Answer
Consider the following statements with reference to the lightweight pa...
Explanation:
Statement 1:
- The first statement is correct. The lightweight payment system is designed to operate independently of existing payment systems like RTGS, NEFT, and UPI. It aims to provide a new and efficient platform for making payments without being reliant on the traditional systems.
Statement 2:
- The second statement is also correct. The lightweight payment system will process transactions that are critical to ensure the stability of the economy. This includes transactions related to essential services, government payments, and other crucial financial activities that are necessary for the smooth functioning of the economy.
Therefore, both statements 1 and 2 are correct as they highlight the key features and functions of the lightweight payment system.
Statement 1:
- The first statement is correct. The lightweight payment system is designed to operate independently of existing payment systems like RTGS, NEFT, and UPI. It aims to provide a new and efficient platform for making payments without being reliant on the traditional systems.
Statement 2:
- The second statement is also correct. The lightweight payment system will process transactions that are critical to ensure the stability of the economy. This includes transactions related to essential services, government payments, and other crucial financial activities that are necessary for the smooth functioning of the economy.
Therefore, both statements 1 and 2 are correct as they highlight the key features and functions of the lightweight payment system.
Attention UPSC Students!
To make sure you are not studying endlessly, EduRev has designed UPSC study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in UPSC.
|
Explore Courses for UPSC exam
|
|
Similar UPSC Doubts
Top Courses for UPSCView all
Consider the following statements with reference to the lightweight payment system:1. It will operate independently of existing payment systems like RTGS, NEFT, and UPI.2. It will process transactions that are critical to ensure the stability of the economy.Which of the statements given above are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
Question Description
Consider the following statements with reference to the lightweight payment system:1. It will operate independently of existing payment systems like RTGS, NEFT, and UPI.2. It will process transactions that are critical to ensure the stability of the economy.Which of the statements given above are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements with reference to the lightweight payment system:1. It will operate independently of existing payment systems like RTGS, NEFT, and UPI.2. It will process transactions that are critical to ensure the stability of the economy.Which of the statements given above are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements with reference to the lightweight payment system:1. It will operate independently of existing payment systems like RTGS, NEFT, and UPI.2. It will process transactions that are critical to ensure the stability of the economy.Which of the statements given above are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
Consider the following statements with reference to the lightweight payment system:1. It will operate independently of existing payment systems like RTGS, NEFT, and UPI.2. It will process transactions that are critical to ensure the stability of the economy.Which of the statements given above are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements with reference to the lightweight payment system:1. It will operate independently of existing payment systems like RTGS, NEFT, and UPI.2. It will process transactions that are critical to ensure the stability of the economy.Which of the statements given above are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements with reference to the lightweight payment system:1. It will operate independently of existing payment systems like RTGS, NEFT, and UPI.2. It will process transactions that are critical to ensure the stability of the economy.Which of the statements given above are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
Solutions for Consider the following statements with reference to the lightweight payment system:1. It will operate independently of existing payment systems like RTGS, NEFT, and UPI.2. It will process transactions that are critical to ensure the stability of the economy.Which of the statements given above are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for UPSC.
Download more important topics, notes, lectures and mock test series for UPSC Exam by signing up for free.
Here you can find the meaning of Consider the following statements with reference to the lightweight payment system:1. It will operate independently of existing payment systems like RTGS, NEFT, and UPI.2. It will process transactions that are critical to ensure the stability of the economy.Which of the statements given above are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Consider the following statements with reference to the lightweight payment system:1. It will operate independently of existing payment systems like RTGS, NEFT, and UPI.2. It will process transactions that are critical to ensure the stability of the economy.Which of the statements given above are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?, a detailed solution for Consider the following statements with reference to the lightweight payment system:1. It will operate independently of existing payment systems like RTGS, NEFT, and UPI.2. It will process transactions that are critical to ensure the stability of the economy.Which of the statements given above are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? has been provided alongside types of Consider the following statements with reference to the lightweight payment system:1. It will operate independently of existing payment systems like RTGS, NEFT, and UPI.2. It will process transactions that are critical to ensure the stability of the economy.Which of the statements given above are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Consider the following statements with reference to the lightweight payment system:1. It will operate independently of existing payment systems like RTGS, NEFT, and UPI.2. It will process transactions that are critical to ensure the stability of the economy.Which of the statements given above are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? tests, examples and also practice UPSC tests.
|
|
Explore Courses for UPSC exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup