EddieJayonCrypto
17 Mar 25
The Reserve Bank of India (RBI) under newly appointed governor Sanjay Malhotra aims to expand the reach of the United Payments Interface (UPI) by linking it with fast payment systems of other countries and improving cross-border payments. The RBI is also engaged in a multilateral project called Proj...
Sanjay Malhotra emphasized the critical role of digital payments in driving economic growth and highlighted the ongoing Digital Payments Awareness Week, aimed at promoting awareness and safe usage of digital payment products. The RBI is committed to encouraging innovation in payments while simultaneously addressing associated risks through soft-touch regulations.
One of the key initiatives by the RBI is to establish linkages with fast payment systems of other countries to facilitate seamless cross-border transactions through the UPI platform. This will not only make international transactions more convenient for users but also boost India's position as a global financial hub.
Additionally, the RBI's Project Nexus is a significant step towards enabling instant cross-border retail payments, ensuring that individuals and businesses can conduct transactions efficiently and securely across borders. This initiative is expected to revolutionize the way cross-border payments are carried out, making them faster, cheaper, and more convenient for all parties involved.
By fostering a digital payments ecosystem that is robust, innovative, and secure, the RBI is paving the way for a future where electronic transactions play a central role in driving economic progress and financial inclusion. With its ambitious plans for UPI expansion and cross-border payments, the RBI is demonstrating its commitment to staying at the forefront of financial technology advancements and promoting a cashless society.