Will endeavour to make cross-border payments more efficient
RBI Malhotra
This story was originally published at 22:14 IST on 10 March 2025
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--RBI Malhotra: Will proactively support development of payment ecosystem
--RBI Malhotra: To aid payments innovation via soft-touch regulations
--RBI Malhotra: To promote payments security via soft-touch regulations
--CONTEXT: RBI Malhotra's remarks at Digital Payments Awareness Week launch
--RBI Malhotra: Will endeavour to make cross-border payments more efficient
--RBI Malhotra: Will continue to expand reach of UPI bilaterally
--RBI Malhotra: To explore linking non-UPI systems for cross-border payments
NEW DELHI – Reserve Bank of India Govenor Sanjay Malhotra Monday said there is a need to address the challenges in cross-border payments, including high cost and slow speed, and "we will endeavour" to to make cross-border payments more efficient.
"We need to address the challenges of high cost, slow speed, and insufficient access and transparency in cross border payments... We will continue to expand the reach of UPI (Unified Payments Interface) bilaterally by linking UPI with Fast Payment Systems of other countries," Malhotra said at the inauguration of Digital Payments Awareness Week in Mumbai. The central bank will explore the possibility of linking payment systems other than UPI for efficient cross-border payments, the governor said.
India's payment system has come a along way in recent years, led by the development and adoption of the UPI. India has a 48.5% share in global real-time payments by volume, Malhotra said citing ACI Worlwide. "We will continue to proactively support the development of the payment ecosystem," the governor said.
Along with making cross-border payments more efficient, the central bank will also work towards soft-touch regulations to continue promoting innovation and promoting awareness about digital payments, the governor said.
"We will promote innovation to facilitate payment systems that are fast, safe, secure, accessible and resilient," Malhotra said. The RBI has adopted a "soft-touch" approach to regulating the payments ecosystem and "FinTechs" and the central bank will continue to "encourage innovation while promoting safety and security through softtouch regulations," he said. End
Reported by Shubham Rana
Edited by Deepshikha Bhardwaj
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