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RBI Joins ‘Project Nexus’ for Instant Cross-Border Retail Payments

  • July 2, 2024
  • Posted by: OptimizeIAS Team
  • Category: DPN Topics
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RBI Joins ‘Project Nexus’ for Instant Cross-Border Retail Payments

Sub: Economy

Sec: Monetary Policy

Overview:

The Reserve Bank of India (RBI) has joined “Project Nexus”, an international initiative to enable instant cross-border retail payments by interlinking domestic Fast Payment Systems (FPSs).

About Project Nexus:

  • Conceptualization: Developed by the Innovation Hub of the Bank for International Settlements (BIS).
  • Objective: To connect the FPSs of four ASEAN countries (Malaysia, Philippines, Singapore, and Thailand) and India.
  • Founding Members:
    • Bank Negara Malaysia (BNM)
    • Bank of Thailand (BOT)
    • Bangko Sentral ng Pilipinas (BSP)
    • Monetary Authority of Singapore (MAS)
    • Reserve Bank of India (RBI)
  • Special Observer: Indonesia, involved from the early stages.

Significance:

  • Launch Timeline: The platform is expected to go live by 2026.
  • Efficiency: Aims to make retail cross-border payments efficient, faster, and more cost-effective.

RBI’s Participation:

  • Collaboration: RBI has been working bilaterally with various countries to link India’s FPS – the Unified Payments Interface (UPI), with their respective FPSs for cross-border person-to-person (P2P) and person-to-merchant (P2M) payments.
  • Multilateral Approach: Joining Project Nexus will enhance India’s efforts in expanding the international reach of Indian payment systems beyond bilateral connections.

Impact:

  • Enhanced Efficiency: Once operational, Nexus will significantly streamline cross-border retail payments, benefiting consumers and businesses alike.
  • Broader Reach: The platform’s scalability allows for the potential inclusion of more countries in the future, broadening the network and impact of efficient cross-border payments.
economy RBI Joins 'Project Nexus' for Instant Cross-Border Retail Payments

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