Tag: rabi sankar

MUMBAI: RBI deputy governor T Rabi Sankar said that global regulators cannot address problems related to cross-border payments under the current framework of correspondent banking. Speaking at the Global Fintech Fest, Rabi Sankar asked why cross-border payments are lagging even as domestic systems are revolutionised. "Even if you leave the currency risk as it is, it still doesn't explain why the average cost of cross-border transactions is 6%, as per some studies. The answer is not technology - it's a consensus that needs to be reached globally and...