Mumbai: After raising concerns about the high cost and delayed speed of cross-border payments, Reserve Bank Governor Shaktikanta Das on Monday said that speedier, more transparent, and more inclusive payment services will bring widespread advantages.
Although there has been some progress made, the high cost, slow speed, restricted access, and lack of transparency of the current cross-border payment systems remain significant obstacles. There would be far-reaching benefits for individuals and economies all around the world if cross-border payment systems were faster, cheaper, more transparent, and more inclusive.
Das made his remarks at the final session of the G20 TechSprint, hosted by the Reserve Bank and the Bank for International Settlements, earlier today. "It would also support economic growth, international trade, and financial inclusion," he added.—Inputs from Agencies