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RBI Governor says we will endeavour to make cross-border payments more efficient

11-Mar-2025, 11:32

In domestic payments, the success of UPI has propelled India to a leadership position with a share of 48.5 per cent in global real-time payments by volumes, stated Sanjay Malhotra, Governor, Reserve Bank of India. In a latest speech, he noted that we will endeavour to make cross-border payments more efficient. This assumes priority as India is the largest receiver of personal remittances globally. As per a World Bank report, it has been estimated that in 2024, India received remittances totalling approximately 130 billion USD. We need to address the challenges of high cost, slow speed, and insufficient access and transparency in cross border payments.. We will continue to expand the reach of UPI bilaterally by linking UPI with Fast Payment Systems of other countries. We will also explore the possibility of linking payment systems other than UPI for facilitating efficient cross-border payments. We will continue our engagement in a multilateral project called Project Nexus, to enable instant cross-border retail payments.