Long Range Radio (LoRa):
Institute for Development and Research in Banking Technology (IDRBT, an Institute under the RBI) has developed a new low-cost financial network to take banking to remote areas.
- LoRa technology is a wireless modulation technique in the physical layer, allowing long-range communication using a 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 is presently based either on a satellite link or wired.
- IDRBT is the first in the world to develop this network based on LoRa (Long Range Radio) technology
- It will make it possible for people in remote hilly and forest areas without satellite signals to access banking services.
- Lower threat of cyber hacking
- The cost of the LoRa financial network is estimated to be 20 per cent cheaper than alternative network technologies with an additional advantage of almost no maintenance and portability of devices.