Expand cross-border payment: The Reserve Bank of India (RBI) is working to expand its cross-border payment platform to enable immediate transaction resolution. To achieve this, RBI is seeking cooperation from key trading partners, particularly in the Asia and Middle East regions.

Use of CBDC in payments: RBI is researching the use of central bank digital currencies (CBDC) as a primary payment solution in this payment system. CBDC is currently designed for inter-bank transactions, but RBI plans to expand it to consumers.

India’s CBDC plan: Since 2020, India has been considering the establishment of a CBDC system. By 2022, RBI initiated trials through pilot programs, and by August 2024, about 5 million users have joined this program.