Multiple Choice Questions on Consider the following statements with respect to Project Nexus It aids to enhance cross border paym........... for UPSC Civil Services Examination (General Studies) Preparation

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Multiple Choice Questions

Consider the following statements with respect to Project Nexus It aids to enhance cross border paym...........

Economic Affairs Types of Banks and Banking
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    Consider the following statements with respect to Project Nexus

    1. It aids to enhance cross-border payments by connecting multiple domestic instant payment systems (IPS) globally.

    2. It is a multilateral international initiative conceptualized by the International Monetary Fund (IMF).

    3. The Reserve Bank of India has joined Project Nexus along with central banks of four ASEAN countries.

    How many of the statements given above is/are incorrect?

    Only One

    Correct Answer

    Only Two

    Incorrect Answer

    All Three

    Incorrect Answer

    None

    Incorrect Answer
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    Explanation:

    Only statement 2nd is incorrect.

    Project Nexus

    • The Reserve Bank of India (RBI) has officially joined Project Nexus, a major step for India's involvement in international financial integration.

    • Project Nexus is a multilateral initiative aimed at transforming the landscape of international financial transactions.

    • It is conceptualized by the Innovation Hub of the Bank for International Settlements (BIS).

    Key Features of the project

    • Purpose – Project Nexus seeks to enable instant cross-border retail payments by interlinking domestic Fast Payment Systems (FPSs) of multiple countries like UPI.

    • Participating Countries – The founding members include India, Malaysia, the Philippines, Singapore and Thailand.

    • Indonesia is expected to join in the future.

    • The Reserve Bank of India (RBI) – Has signed up for Project Nexus, integrating India's Unified Payments Interface (UPI) with the FPSs of participating ASEAN countries.

    • RBI has joined Project Nexus along with central banks of four ASEAN countries (Malaysia, Philippines, Singapore and Thailand).

    Hence option 1st is correct.

    By: Shubham Tiwari
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