RBI's Push for Cross-Border Digital Payment Innovation

RBI Governor Sanjay Malhotra discussed plans to promote cross-border digital payments through innovation and soft-touch regulations. The initiative aims to make transactions more efficient and create greater awareness. The RBI seeks to enhance safe and secure digital payment systems domestically and internationally.

On Monday, RBI Governor Sanjay Malhotra emphasized the central bank's dedication to fostering innovation in payment systems while maintaining regulatory oversight. His remarks came during the inauguration of the Digital Payments Awareness Week 2025.

Malhotra noted the success of UPI in positioning India at the forefront of global real-time payments, holding a significant share and propelling growth. The RBI aims to address issues such as high cost and slow speed in cross-border transactions, aiming for improvements in efficiency and transparency.

Despite progress, gaps in digital payment adoption remain among India's adult population. Initiatives like the Digital Payments Awareness Week highlight the importance of digital transactions, with this year's theme focusing on expanding awareness of secure payment methods.

(With inputs from agencies.)