The Reserve Bank of India (RBI) is moving forward with plans to expand its cross-border payment platform, aiming for instant settlements with new partners across Asia and the Middle East.
Currently, India has agreements with Sri Lanka, Bhutan, and Nepal, and is working to include the United Arab Emirates in its settlement network.
As part of this initiative, the RBI is exploring the use of central bank digital currencies (CBDCs) as a key tool for international settlements. While the Indian CBDC is currently limited to interbank transactions, future plans could include expansion for retail use.
This initiative aligns with a global trend, as 134 countries, including all G20 nations, are actively exploring CBDCs, according to the Atlantic Council.
Summary Review: India’s Reserve Bank is scaling up its cross-border payments system by integrating CBDCs for faster settlements. While limited to banks now, it could expand to retail users later, keeping pace with the global push for digital currencies.
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