Speaking at the Ficci-IBA Annual Banking Conference (FIBAC), Malhotra said Brics had a task force on payments and that cross-border payments were an area of interest for all member countries.
“Cross-border payments is an area of interest for all of us, including the Brics, because we do feel that there is a lot of scope for reducing costs, especially for retail transactions, and increasing speed,” he said.
“Look at UPI, for example, it is instantaneous. Why do you have to wait for some hours, some days for your foreign remittances to take place?” Malhotra said.
He said work was underway on various methods and options for cross-border payments, including CBDCs and linkages between multiple payment systems, but these were still at the discussion stage.
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