https://indianmasterminds.com

ADVERTISEMENT
ADVERTISEMENT

RBI Governor Calls for Reducing Time and Cost of Overseas Remittances

Speaking at the 'Central Banking at Crossroads' conference, he pointed out that new technologies and payment systems offer significant potential to streamline and broaden the scope of cross-border payments.
Indian Masterminds Stories

RBI Governor Shaktikanta Das emphasized the need to reduce both the time and cost associated with overseas remittances, highlighting their critical role for developing economies like India. Speaking at the ‘Central Banking at Crossroads’ conference, he pointed out that new technologies and payment systems offer significant potential to streamline and broaden the scope of cross-border payments.

Das noted that remittances often serve as a gateway for developing nations to explore peer-to-peer (P2P) cross-border payments, stressing that there is ample opportunity to cut down costs and time for such transactions. He also suggested exploring the feasibility of extending the Real-Time Gross Settlement (RTGS) system for settling trades in major currencies like the dollar, Euro, and Pound through bilateral or multilateral agreements.

Efforts to link cross-border fast payment systems are already underway in India and other countries, according to Das. He also mentioned that Central Bank Digital Currencies (CBDCs) hold great promise for facilitating efficient cross-border payments. However, Das stressed the importance of standardization and interoperability among CBDCs to avoid financial stability risks posed by cryptocurrencies.

Additionally, the RBI Governor voiced concerns about the potential misuse of Artificial Intelligence (AI) in banking, warning that it could lead to increased cyberattacks and data breaches. He urged banks and financial institutions to implement strong risk mitigation strategies, emphasizing that while banks should leverage AI and BigTech, they must not let these technologies dominate the sector.


Indian Masterminds Stories
ADVERTISEMENT
ADVERTISEMENT
Related Stories
ADVERTISEMENT
ADVERTISEMENT
NEWS
IAS-Officer-Logo
IAS Arjit Mahajan Transferred in Assam; IRS Abhishek Kumar Appointed Deputy Secy, Ministry of Textiles
IAS Officers Indian Administrative Services (IAS)
IAS Officer Saurav Pahari Prematurely Repatriated to West Bengal Cadre from Tea Board
Chenab River Bridge
SAIL Supplies 16,000 Tonnes of Steel for World’s Tallest Railway Bridge over Chenab River in Jammu & Kashmir
Haryana gov resized
Haryana: Govt Restructures Chief Minister’s Office; IAS Rajesh Khullar Now Handles 16 Depts, New Roles for Arun Gupta, Saket Kumar, & Yash Pal
IPS Rachita Juyal
UK: After Resignation Buzz, IPS Rachita Juyal Assigned Key Role in Rs 58 Cr Haridwar Land Scam Probe
DGP Rajeev Krishna IPS
UP's New DGP Rajeev Krishna Sets Crime Control Agenda in First Briefing: Focus on AI-Driven Policing and Women’s Safety
Mohan Yadav CM MP
Madhya Pradesh Aims to Be Global Wellness Hub: CM Mohan Yadav at Spiritual and Wellness Summit in Ujjain
UP Tourism
UP to Showcase Its Spiritual, Cultural Grandeur at PATA 2025 in Bangkok; Global Push for Tourism & Investment
ADVERTISEMENT
ADVERTISEMENT
Videos
Monika Singh
Monika Singh’s Life Beyond the Bureaucracy | Video Interview 
IAS Tushar G Nikhare
Modernising Governance: A Digital Transformation in Gangtok
IMG-20250523-WA0036
Abhishek Singh's SECRET: Vipassana, Anthropology & Smart Answer Writing | Video Interview 
ADVERTISEMENT
UPSC Stories
Divyanshu Pal Nagar IFS
5 Years, 5 Mains, 4 Interviews: How Divyanshu Pal Nagar Stumbled in CSE, Triumphed in IFS - A Lesson for Every Aspirant
Divyanshu Pal Nagar’s inspiring five-year UPSC journey shows how perseverance, disciplined self-study,...
ANUBHAV SINGH UPSC IFS 2024
9 Years, 8 Attempts, 7 Failures: How Anubhav Singh Cracked UPSC IFS 2024 with AIR 3 Against All Odds | Exclusive
Anubhav Singh’s inspiring journey to UPSC IFS Rank 3 showcases relentless perseverance, strategic preparation,...
Jogender Sihag
“I Cleared UPSC, But My Grandfather isn’t Here to Hear it,” Jogender Sihag, AIR 521, UPSC CSE 2024
"Life is short; make the most of it, whether in civil service or any other field. Just have a clear vision...
Social Media
Tiger jump Sundarban
Stunning Viral Video Shows Royal Bengal Tiger Making Spectacular 30-Foot Leap Across River in Sunderbans - See It Here
Retired Indian Forest Service (IFS) officer Susanta Nanda shared the clip online, which quickly went...
shubham kumar ias marriage
IAS Topper Weds BPSC Topper: Shubham Kumar Marries IRS Officer Priyangi Mehta in Patna; Wedding Video Goes Viral
Topper Couple Alert: Shubham Kumar, Priyangi Mehta’s Wedding Grabs Spotlight in Bihar
parveen kaswan elephant
Elephant Outsmarts Electric Fence! IFS Parveen Kaswan Shares Incredible Video!
In the now-viral 51-second clip, the intelligent giant approaches a wooden pole supporting high-voltage...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
Latest
IAS-Officer-Logo
IAS Arjit Mahajan Transferred in Assam; IRS Abhishek Kumar Appointed Deputy Secy, Ministry of Textiles
IAS Officers Indian Administrative Services (IAS)
IAS Officer Saurav Pahari Prematurely Repatriated to West Bengal Cadre from Tea Board
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
Videos
Monika Singh
IAS Tushar G Nikhare
IMG-20250523-WA0036
ADVERTISEMENT
ADVERTISEMENT