RBI in ASIAN Country: The Reserve Bank of India (RBI) said on Monday that it has joined Project Nexus with four ASEAN countries. Under this, a platform will be created for instant settlement of cross-border retail payments.
RBI in ASIAN Country: The Reserve Bank of India (RBI) said on Monday that it has joined Project Nexus with four ASEAN countries. Under this, a platform will be created for instant settlement of cross-border retail payments.
RBI said in its statement that Nexus, conceptualized by the Innovation Hub of the Bank for International Settlements (BIS), aims to connect India's UPI (Unified Payments Interface) with the fast payment systems of ASEAN members - Malaysia, Philippines, Singapore and Thailand.
UPI service started in these countries
The central bank further said in its statement that the agreement was signed by BIS and the central banks of these four countries -- Bank Negara Malaysia (BNM), Bank of Thailand (BOT), Bangko Sentral ng Pilipinas (BSO), Monetary Authority of Singapore (MAS), and the Reserve Bank of India in Basel, Switzerland on June 30, 2024.
Indonesia, which is associated with the initial phase, will play its role as a special observer.
Service will be live by 2026
RBI said in its statement that this platform can be extended to many more countries in the coming time. It will be made live by 2026. Nexus will play a big role in retail cross-border payments. This will make payments faster and at a lower cost.
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