RBI and NPCI push for bringing down cost of remittances at WTO

New Delhi has submitted to the multilateral trade body that "promoting interoperability and interlinkages of digital payment infrastructures, including fast payment systems", can be one of the means to achieve cheaper, faster and more transparent and accessible cross-border payments. The global average cost for sending remittances is 6.18%, higher than the sustainable development goal to reduce it to less than 3%. Around 78% of total remittances go to low- and middle-income countries, India said, making a case for a multilateral effort to address the issue.