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In talks with more countries to make impact on cross-border payment: RBI DG

In talks with more countries to make impact on cross-border payment: RBI DG
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rbi: India in talks with more jurisdictions to make material impact on cross-border payments: RBI DG

India is in discussions with other jurisdictions to address the high cost of cross-border remittances, according to Reserve Bank Deputy Governor T Rabi Sankar. He described the current situation as "unconscionable" given the availability of cheap data connectivity. Sankar suggested that the introduction of a central bank digital currency (CBDC) could lower the cost of cross-border payments by bypassing the legacy correspondent banking system.

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India in talks with more jurisdictions to make material impact on cross-border payments RBI DG

(This story has not been edited by THE WEEK and is auto-generated from a PTI

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Reserve Bank of India (RBI) | India in talks with more jurisdictions to make material impact on cross-border payments: Reserve Bank of India Deputy Governor

As per the World Bank's remittance prices worldwide database, the global average cost of a retail size of remittance (retail size - USD 200) was 6.2 per cent in the fourth quarter of 2022. For some countries, this cost can be as high as 8 per cent, says Deputy Governor Rabi Sankar

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India in talks with more jurisdictions to make material impact on cross-border payments: RBI DG

India in talks with more jurisdictions to make material impact on cross-border payments: RBI DG
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