RBI Governor Shaktikanta Das on Reducing Remittance Costs and Cross-Border Payments
RBI Governor Shaktikanta Das and Remittances
In a recent forum, RBI Governor Shaktikanta Das put forward a compelling argument for reducing both the time and cost associated with overseas remittances. These remittances play a crucial role in the economies of developing nations, and making them more efficient can have significant impacts.
The Role of Technology in Cross-Border Payments
Das pointed to emerging technologies and advanced payment systems as pivotal in expanding cross-border payments. Such innovations not only optimize the remittance process but also ensure these transactions remain accessible and cost-effective for all, enhancing global financial integration.
The Future with Central Bank Digital Currency
The implementation of central bank digital currency could further streamline these transactions, making cross-border payments swift and secure. Das's vision for these advancements showcases the path towards a more interconnected financial system.
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