RBI Governor Shaktikanta Das proposed expanding RTGS system and CBDC for cross-border payments to reduce overseas remittance costs.

RBI Governor Shaktikanta Das highlighted the need to reduce overseas remittance costs and time, crucial for developing economies. He proposed expanding the 24/7 real-time gross settlement (RTGS) system for major currencies and emphasized Central Bank Digital Currency (CBDC) potential in cross-border payments. Das also warned about AI misuse in banking, urging banks to adopt robust risk mitigation strategies to combat cyber threats and data breaches amid global monetary policy divergences.

October 14, 2024
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