RBI and ASEAN to Launch Instant Cross-Border Retail Payments Platform

Current Context: The Reserve Bank of India (RBI) has joined forces with ASEAN countries to create a platform for instantaneous cross-border retail payments.

• This collaborative initiative, known as Project Nexus, aims to interlink the Fast Payment Systems (FPS) of India and four ASEAN nations: Malaysia, the Philippines, Singapore, and Thailand.
• By doing so, it will revolutionize cross-border transactions, making them more efficient, faster, and cost-effective.
• The platform is expected to go live by 2026, and once functional, it will play a crucial role in enhancing retail cross-border payments.

Question:

1 What is the name of the collaborative initiative between the Reserve Bank of India (RBI) and ASEAN countries for cross-border retail payments?

• A) Project Fusion
• B) Project Nexus
• C) Project Link
• D) Project Connect

Answer: C) This collaborative initiative, known as Project Nexus, aims to interlink the Fast Payment Systems (FPS) of India and four ASEAN nations: Malaysia, the Philippines, Singapore, and Thailand.