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'It is necessary to reduce the time and cost of sending money from abroad', RBI Governor told the reason
Shaktikanta Das: The RBI Governor has said that the feasibility of expanding real-time gross settlement (RTGS) to settle transactions in major trading currencies such as the dollar, euro, and pound can be explored through bilateral or multilateral arrangements.
On Monday, Reserve Bank of India Governor Shaktikanta Das spoke about reducing the time and cost of transferring money from abroad. He believes that this is essential to developing economies.
According to the RBI Governor, new technologies and payment systems can help to accelerate and grow cross-border payments.
"Remittance is the first step to explore the possibilities of cross-border peer-to-peer (P2P) payments for many emerging and developing economies, including India," Das stated at a 'Central Banking at Crossroads' conference. We feel that there is enormous opportunity to drastically cut the cost and time of such remittances.
He further said that the feasibility of extending RTGS for settling transactions in major trading currencies like Dollar, Euro, and Pound could be explored through bilateral or multilateral arrangements.
