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A significant leap for cross-border payments in Asia. India and four ASEAN countries have tied up to launch a cross-border payments platform. The Reserve Bank of India (RBI) has partnered with the Bank for International Settlements (BIS) and central banks from #Malaysia, the #Philippines, #Singapore, and #Thailand to launch an initiative aimed at making retail cross-border payments more efficient, faster, and cost-effective. Cross-border international payments are now in the spotlight as fintech players in India and the NPCI intensify their focus on global transactions. Set to go live by 2026, this platform will interlink domestic fast payment systems (FPS) of the involved countries. Read more at: https://lnkd.in/dMQQF8-R Business Standard Ajinkya K. #India #fintech #payments #crossborderpayments #UPI #international

RBI Working On Offline CBDCs To Boost Retail Volumes: Governor Das Reserve Bank of India (RBI) governor Shaktikanta Das on Monday (May 6) reiterated that the central bank was working on offline functionality for digital currencies. “One of the key features of cash is that it works offline… We are working on making the CBDC (central bank digital currency) transferable in the offline mode also,” Das said as per a Bloomberg report. 👉 On the wholesale side, the governor said that the RBI was mulling pilots for instruments such as commercial papers and certificates of deposits 👉 CBDCs do not pose disintermediation risks for banks as they have been envisaged as being non-remunerative and non-interest bearing, Das added 👉 RBI commenced the retail CBDC pilot in December 2022 and achieved the 10 Lakh transactions a day target in December last year What are your thoughts on the RBI's plans for offline CBDCs? Let's discuss in the comments below! #CBDC #DigitalCurrency #RBI #India #startup

The Digital Rupee, also known as e₹ or eINR, is a digital version of the Indian Rupee issued by the Reserve Bank of India (RBI). It operates similarly to traditional banknotes but exists in digital form. The RBI launched two versions: e₹ for wholesale, mainly for financial institutions for interbank settlements, and e₹ for Retail for everyday consumer and business transactions. These digital rupees are uniquely identifiable and regulated by the central bank, providing a modernized and efficient way to conduct financial transactions in India. Source: RBI Website #Digital #Rupee #RBI #ReserveBank #Currency #finance #Transaction #IndianRupee #INR #Bank #Banknotes #ministry #Centralbank #Retail #Wholesale #india #knowledget #Update #Education

India is enhancing mobile payments and exploring cross-border #CBDC payments. The Reserve Bank of India (RBI) is actively expanding its cross-border payments platform and collaborating with neighboring nations to improve transaction efficiency. Key developments include: - Plans to add new trading partners for instant settlements - Collaborations with countries like Sri Lanka and the UAE for mobile payment connections - Integration of Central Bank Digital Currencies (CBDCs) to revolutionize cross-border payments and remittances India's commitment to integrating cutting-edge technologies like CBDCs showcases its dedication to staying at the forefront of digital payments. These advancements benefit both businesses and individuals by reducing transaction times, increasing security, and promoting financial inclusion. As India reshapes its domestic financial landscape and influences global payment systems, the nation's role as a leader in digital finance continues to strengthen. Stay tuned for updates on steps taken towards a more connected, secure, and digital-friendly economy! #CrossBorderPayments #DigitalAssets #India #FinancialInnovation

Digital Rupee and Central Bank Digital Currency (CBDC): The Future of Money in India? 💸 The introduction of the Digital Rupee by the Reserve Bank of India (RBI) marks a transformative step in India's financial ecosystem. As the world increasingly moves towards digital payments, the Digital Rupee represents a secure, efficient and inclusive alternative to traditional currency. ⚡️ Why is the Digital Rupee important? - Enhancing Payment Efficiency: Faster, cheaper, and more secure transactions. - Financial Inclusion: Bridging the gap for unbanked citizens. - Reducing Dependency on Cash: Cutting down costs associated with physical cash. - Combatting Financial Fraud: Offering better traceability and security. The RBI has commenced piloting the Digital Rupee in phases, starting with a program for the wholesale segment (CBDC-W) in November 2022, followed by a retail segment pilot (CBDC-R) in December 2022. 🕰️ Likely Timeline for Full Implementation: 1. Pilot Programs in 2022-2023 2. Gradual Rollout Over 2023-2025 3. Full Implementation by 2025-2026 #DigitalRupee #CBDC #Fintech #FinancialInclusion #DigitalTransformation #India #RBI #FutureOfMoney #Innovation #Finance

The Digital Rupee (e₹), a tokenized digital version of the Indian Rupee, is gaining traction as a central bank digital currency issued by the Reserve Bank of India (RBI)¹. Here are some key insights into digital rupee transactions: - **Value**: Digital rupee transactions surged from ₹100 crore in December 2023 to ₹323.5 crore by May 31, 2024¹. - **Users**: As of April 2024, 400,000 businesses and 4.6 million customers were registered to utilize the digital rupee¹. - **Pilot project**: The pilot project for digital rupee transactions commenced on November 1, 2022, for wholesale transactions and December 1, 2022, for retail transactions¹. - **UPI interoperability**: Digital rupee transactions can seamlessly be conducted using the Unified Payments Interface (UPI)¹. - **Cross-border settlement**: The RBI is actively exploring the potential of digital rupees for cross-border settlements¹. Stay informed about the evolving landscape of digital currencies and their impact on financial transactions. #DigitalRupee #CBDC #RBI #FinancialInnovation

Future of #digital #currency in #India 114 countries including India are exploring digital currency, and as is known, India has also launched its own retail CBDC on pilot. The RBI foresees e-Rupee issued and regulated by the central bank as the next-generation seamless, ubiquitous and anonymous payment mode that delivers value to customers. Mihir Gandhi and Zubin Tafti examine the pros and cons. https://lnkd.in/d94DKYAu

Worldline On what credibility you guys release the Digital Payment Report in India when you don't even know the real geography of India. Reserve Bank of India (RBI) #RBI Government of India (GoI) SEBI #SEBI #WrongMapofIndia

𝐑𝐁𝐈 𝐃𝐨𝐮𝐛𝐥𝐞𝐬 𝐔𝐏𝐈 𝟏𝟐𝟑𝐏𝐚𝐲 𝐋𝐢𝐦𝐢𝐭 𝐭𝐨 ₹𝟏𝟎,𝟎𝟎𝟎, 𝐄𝐱𝐩𝐚𝐧𝐝𝐬 𝐔𝐏𝐈 𝐋𝐢𝐭𝐞 𝐂𝐚𝐩𝐚𝐛𝐢𝐥𝐢𝐭𝐢𝐞𝐬 On October 9, Reserve Bank of India (RBI) Governor Shaktikanta Das declared that an increase in UPI transaction limits would be implemented in order to improve digital payments. The adjustments include raising the UPI Lite wallet limit from ₹2,000 to ₹5,000 and raising the UPI 123Pay per-transaction limit from ₹5,000 to ₹10,000. Read More: https://lnkd.in/gMwxGw5J #AsiaOne #AsiaOneMagazine #UPI #DigitalPayments #Fintech #RBI #FinancialInclusion #UPI123Pay #CashlessIndia #IndiaDigital #PaymentsMadeEasy #UPIRevolution #DigitalBanking #TechInFinance #FinancialRevolution #TechForGood #FutureOfPayments #InnovativePayments #UPILite #SmartPayments #DigitalIndia #TechTrends #UPINews #Economy

📈 RBI Chief Shaktikanta Das Highlights Remarkable Growth in India's Digital Transactions! 💳 Speaking at the RBI headquarters in Mumbai during the central bank's Digital Payments Awareness Week, Governor Shaktikanta Das revealed a staggering 90-fold growth in digital transactions in India over the past 12 years. Mr. Das emphasized India's global prominence, stating that the country now constitutes 46% of all digital payments worldwide. A significant milestone was reached with UPI transactions accounting for an impressive 80% of all digital payments within India. Join us in acknowledging the transformative journey of digital payments in India under the insightful leadership of RBI Governor Shaktikanta Das! 🌐💼 #RBIDigitalPaymentsWeek #DigitalTransformation #UPIRevolution #FinancialInnovation #ShaktikantaDas #paytm #paytmkaro #phonepe #digitalpayments