A new technology has been developed by the Institute for Development and Research in Banking Technology (IDRBT), an arm of the Reserve Bank of India (RBI), for people in remote hilly and forest areas to access banking services without satellite signal.
- Basically, it is a low cost financial network that can be used privately by banks to send encrypted texts to conduct financial transactions.
About LoRa technology?
- LoRa technology is a wireless modulation technique in the physical layer, allowing long-range communication using chirp spread spectrum.
- LoRa technology uses dedicated radios, which are not usually present in end-user devices, limiting interferences from other devices.
- Banks can use this as their own dedicated private network instead of using a third party network which are presently based either on satellite link or wired (fibre).
- As it can be owned by banks privately, there will be more security from cyber attacks.
- LoRa network also allows easy recoverability and upgradation.
- Connectivity to can begin from where the last branch of a bank stands in a remote village or hilly region by using this.
- A 30 mile connectivity to ensure bank transactions can be achieved with setting up of three nodes with a cost of Rs. 30,000.
(Source: Business Line)
