Context: The Reserve Bank of India (RBI) recently joined Project Nexus.
Project Nexus
oStandardization: Nexus standardizes IPS connections globally, eliminating the need for bespoke connections for each country.
oEfficiency: Enables a single connection for a fast payments system to reach all other connected countries, enhancing speed and reducing complexity in cross-border payments.
oFounding Members: India, Malaysia, Philippines, Singapore, and Thailand are the founding members of Project Nexus.
oExpansion Plans: Indonesia is set to join the platform in the future, expanding its reach within ASEAN and beyond.
Fast Payments Systems (FPSs)
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The UPSC Civil Services Exam has three parts:
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