India’s RBI Boosts Cross-Border Payments Platform with CBDC Integration
The Reserve Bank of India (RBI) is enhancing its cross-border payments platform to enable instant settlement by partnering with Asian and Middle Eastern countries, including the UAE. Current agreements with Sri Lanka, Bhutan and Nepal already support streamlined transactions. India’s central bank is exploring a central bank digital currency (CBDC) for settlement and plans to expand its scope beyond an interbank pilot launched in 2022. India’s digital rupee has secured 5 million pilot users, while offline solutions are being tested to boost adoption in rural areas. Critics warn of privacy risks in CBDC implementation.
