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Are You Up-to-Date with India's New Payment System 'Bunker' by RBI?

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Are You Up-to-Date with India's New Payment System 'Bunker' by RBI?

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Questions and Answers

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?

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?

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

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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"Test Your Knowledge on India's New Payment System 'Bunker' by RBI" Discover how much you know about the Reserve Bank of India's latest initiative in the world of digital payments. Take the quiz and learn about the features, benefits, and purpose of the innovative 'Bunker' payment system that aims to ensure uninterrupted transactions even in the face of technological disasters. Challenge yourself with this quiz and become an expert on India's financial landscape.