An expanded RTGS using major trade currencies would accelerate access to cheaper cross-border payments and remittances. The RBI has often spoken of the need for more cost-effective cross-border payment systems, with deputy governor T Rabi Sankar stating in September 2023 that the prevailing high costs for cross-border remittances were “simply unconscionable”. An expanded RTGS using major trade currencies would accelerate access to cheaper cross-border payments and remittances. The RBI has often spoken of the need for more cost-effective cross-border payment systems, with deputy governor T Rabi Sankar stating in September 2023 that the prevailing high costs for cross-border remittances were “simply unconscionable”. Economic Times
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