Q. What is the primary objective of 'Project Nexus', recently seen in news?
Answer:
To enable instant cross-border retail payments
Notes: The RBI joined Project Nexus, an initiative to enable instant cross-border retail payments by linking domestic Fast Payment Systems (FPSs). Conceptualized by the BIS Innovation Hub, Nexus provides a single-connection solution for seamless international transactions. It aims to connect FPSs of India and four ASEAN countries by 2026. Nexus will automatically link new member countries, enhancing efficiency, reducing costs, and improving international payment accessibility.