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Which international initiative has the Reserve Bank of India (RBI) joined to enable instant cross-border retail payments ?
Project Phoenix
Project Horizon
Project Nexus
Project Dart
None of the above
Project Nexus
The Reserve Bank of India has joined the multilateral Project Nexus to facilitate instant cross-border retail payments.
Project Nexus is a collaborative initiative developed by the Bank for International Settlements (BIS) Innovation Hub. It aims to interlink domestic Fast Payments Systems (FPS) globally, allowing for seamless and efficient cross-border transactions. This move complements India's existing bilateral UPI integration efforts with countries like France, UAE, and Singapore. By joining this multilateral platform, India seeks to enhance the global footprint of its indigenous payment infrastructure.
The Reserve Bank of India was established on April 1, 1935, under the Reserve Bank of India Act, 1934, following the recommendations of the Hilton Young Commission. It is headquartered in Mumbai and functions as the apex monetary authority in India, regulating the country's banking system and payment settlements.
Project Nexus is led by the Bank for International Settlements (BIS) Innovation Hub.
The initiative is expected to become fully functional by 2026.
It enables cross-border Person-to-Person (P2P) and Person-to-Merchant (P2M) payments.
Project Nexus serves as a multilateral alternative to multiple bilateral payment linkages.
C is correct тАФ The Reserve Bank of India has joined the multilateral Project Nexus initiative to interlink domestic Fast Payments Systems for instant cross-border retail transactions.
Remember that 'Nexus' implies a connection or link; think of Project Nexus as the 'connecting link' between different nations' local payment systems like India's UPI.
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