RBI Aims To Make Cross Border Payments More Efficient, Says Governor
The RBI will also continue its engagement in a multilateral project called Project Nexus, to enable instant cross-border retail payments, Governor Sanjay Malhotra said.
The Reserve Bank of India's endeavor is to make cross-border payments more efficient by addressing challenges of high cost, slow speed, and insufficient access and transparency in cross border payments, Governor Sanjay Malhotra said in a speech.
"We will continue to expand the reach of UPI bilaterally by linking UPI with Fast Payment Systems of other countries. We will also explore the possibility of linking payment systems other than UPI for facilitating efficient cross-border payments," Malhotra was quoted saying at the Inauguration of Digital Payments Awareness Week 2025 on Monday.
The RBI will also continue its engagement in a multilateral project called Project Nexus, to enable instant cross-border retail payments, he said.
This initiative has come as the success of Unified Payments Interface within domestic payments has propelled India to a leadership position with a share of 48.5% in global real-time payments by volume.
This assumes priority as India is the largest receiver of personal remittances globally. As per a World Bank report, it has been estimated that in 2024, India received remittances totaling approximately $130 billion, Malhotra said.
He commended the efforts made so far for increased adoption of digital payments and observed that there is still significant potential for expansion of digital payments in the country.
He urged members of the payment industry, banks, media and users to encourage the use of digital payments and contribute in their own innovative ways to take forward the mission of Har Payment Digital.
On March 5, Malhotra had met select non-bank payment system operators and fintechs and underscored the need for responsible innovation and emphasised the need for ensuring compliance by the entities who are new to regulatory space.
He had also emphasized that the RBI values such interactions with the ecosystem participants and would continue to adopt a consultative approach.
During the session, participants had shared their feedback on the evolving payment and fintech ecosystem, various industry level initiatives and their expectations from the central bank.
