Current Affairs · Digital Banking and Networks

Evaluate the validity of the following statements regarding technology and payment systems in Indian banking: Statement 1: MPLS (Multi-Protocol Label Switching) allows banks to prioritize branch-to-head-office traffic (such as real-time ATM transactions) over internal updates using Quality of Service (QoS) parameters, offering scalability and security through label isolation. Statement 2: NEFT operates on a deferred net settlement (DNS) basis where transactions are processed in half-hourly batches throughout the day and night, 365 days a year. Statement 3: Asymmetric Encryption involves a pair of keys where the public key is used for encrypting and the private key is used for decrypting. It is the backbone of Digital Signatures used in SFMS to ensure non-repudiation.