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.

5 months ago
19 Articles