Banking & FinanceCurrent Affairs

NPCI launched the Vajra Platform for a fast and secure platform

The National Payments Corporation of India (NPCI) launched the Vajra Platform to make payments fast and secure. The platform is based on blockchain technology. Aim: The main objective of the Vajra Platform is to provide automated clearing and settlement of payments and drastically reduce the need for manual reconciliation.  Features: Vajra Platform uses distributed ledger technology (DLT) . The platform uses a permissions model in order to ensure that only approved parties are a part of the network . Payment companies can apply and register to be a part of the network . After getting the approval, the companies can deploy the platform using an application programming interface (API) that will be provided by NPCI. Benefits: The benefits of the Vajra Platform: Near real-time clearing and settlement of transactions . Minimal reconciliation of transactions . Improved security and reduced operational and financial risks . Legitimate audit trail as DLT is incorruptible . Vajra Platform will  be used for Aadhaar authentication by the Unique Identification Authority of India (UIDAI)

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