NEW DELHI: Reserve Bank Governor Shaktikanta Das on Monday made a case for reducing time and cost of overseas remittances, which are important for developing economies.
The new technology and payments system can be used for expediting and expanding cross-border payments, he noted.
“Remittances are the starting point for many emerging and developing economies, including India, to explore cross-border peer-to-peer (P2P) payments. We believe there is immense scope to significantly reduce the cost and time for such remittances,” Das said in his keynote address at the conference on ‘Central Banking at Crossroads’.