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.