The Reserve Bank of India (RBI) is considering expanding the Real Time Gross Settlement System (RTGS) to include transactions in US dollars, euros, and pound sterling, according to Governor Shaktikanta Das. This expansion aims to enhance access to cost-effective cross-border payments and remittances. The RBI has highlighted the need for more affordable cross-border payment systems, with concerns raised about high remittance costs. Das mentioned that the feasibility of this expansion could be explored through bilateral or multilateral arrangements, with ongoing efforts by India and other nations to enhance cross-border fast payment systems. The RTGS facilitates real-time fund transfers between banks and is maintained by the RBI.
RBI Plans to Expand RTGS to US Dollar, Euro, and Pound Transactions
