RBI Governor pitches for reducing cost, time of remittances
PTI, Oct 14, 2024, 11:36 AM IST
RBI Governor Shaktikanta Das (credit: PTI / File)
New Delhi: Reserve Bank Governor Shaktikanta Das on Monday made a case for reducing time and cost of overseas remittances, which are important for developing economies.
The new technology and payments system can be used for expediting and expanding cross-border payments, he noted.
“Remittances are the starting point for many emerging and developing economies, including India, to explore cross-border peer-to-peer (P2P) payments. We believe there is immense scope to significantly reduce the cost and time for such remittances,” Das said in his keynote address at the conference on ‘Central Banking at Crossroads’.
Besides, he said, the feasibility of expanding real-time gross settlement (RTGS) to settle transactions in major trade currencies such as dollar, Euro and Pound can be explored through bilateral or multilateral arrangements.
India and a few other economies have already commenced efforts to expand linkage of crossborder fast payment systems both in the bilateral and multilateral modes, he said.
The Central Bank Digital Currency (CBDC) is another area which has the potential to facilitate efficient cross-border payments, he added.
Going forward, he said, harmonisation of standards and interoperability would be important for CBDCs for cross-border payments and to overcome the serious financial stability concerns associated with cryptocurrencies.
The RBI Governor also raised concerns over misuse of Artificial Intelligence in the banking space saying it could lead to more cyber attacks and data breaches.
“Banks and other financial institutions must put in place adequate risk mitigation measures against all these risks. In the ultimate analysis, banks have to ride on the advantages of AI and Bigtech and not allow the latter to ride on them,” he said.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Over 1.55 lakh candidates register for PM Internship Scheme
Govt imposes import curbs on parts of pocket lighters; to reduce dependence on China
Will explore electric vehicle export opportunities: Hyundai Motor India
Noel Tata to succeed Ratan as chairman of Tata Trusts
Sebi extends deadline to implement direct pay-out of securities to clients’ demat a/c to Nov 11
MUST WATCH
Latest Additions
Bengaluru: Four members of a family found dead, suicide suspected
Bantwal: Bus carrying students veers off road after driver suffers seizure
Excise case: SC grants bail to businessman Abhishek Boinpally
Actress assault: Kerala HC rejects plea for fresh probe into memory card case
Money laundering case: SC grants interim bail to ex-chairman of Pune cooperative bank
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.