Key Points
Reserve Bank Governor Shaktikanta Das on Monday made a case for reducing time and cost of overseas remittances, which are important for developing economies...
The new technology and payments system can be used for expediting and expanding cross-border payments, he noted...
Remittances are the starting point for many emerging and developing economies, including India, to explore cross-border peer-to-peer (P2P) payments..
Besides, he said, the feasibility of expanding real-time gross settlement (RTGS) to settle transactions in major trade currencies such as dollar, Euro and Pound can be explored through bilateral or multilateral arrangements...
Going forward, he said, harmonisation of standards and interoperability would be important for CBDCs for cross-border payments and to overcome the serious financial stability concerns associated with cryptocurrencies...
