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Questions and Answers
Why is the RBI developing the 'bunker' payment system?
Why is the RBI developing the 'bunker' payment system?
- To provide a more complex payment system for the Indian market
- To replace the existing payment systems in India
- To provide a payment system that is easier to use for the Indian population
- To provide a backup payment system in case of natural disasters or war (correct)
How is the 'bunker' payment system different from UPI?
How is the 'bunker' payment system different from UPI?
- Bunker is designed for limited staff operation while UPI is designed for large staff operation
- Bunker is designed for larger transactions while UPI is designed for smaller transactions
- Bunker is designed for complex hardware/software usage while UPI is designed for minimalistic hardware/software usage (correct)
- Bunker is designed for use in extreme conditions while UPI is not
What is the main purpose of the 'bunker' payment system?
What is the main purpose of the 'bunker' payment system?
- To replace the existing payment systems in India
- To provide a backup payment system in case of natural disasters or war (correct)
- To provide a backup payment system in case of technical errors
- To provide a more complex payment system for the Indian market
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Study Notes
RBI's 'Bunker' Payment System
- The Reserve Bank of India (RBI) is developing the 'bunker' payment system to ensure business continuity and minimize the impact of cyber attacks on the financial system.
- Unlike UPI, which is a real-time payment system, the 'bunker' system is designed to provide an alternative payment mechanism in the event of a major outage or disaster affecting the primary payment systems.
- The main purpose of the 'bunker' payment system is to provide a backup system to ensure uninterrupted payment services to citizens, even in the event of a crisis or catastrophic failure of primary systems.
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