CDS 2025 · PYQ · Economy / International Finance · medium
Which one among the following statements about Project Nexus is correct?
A.It is an international agreement to enable labour movement between countries.
B.It is an international initiative to enable instant cross-border retail payments.✓ Correct
C.It is an international initiative to transfer technology between countries.
D.It is an international agreement to create database on financial inclusion.
Explanation
Project Nexus is a multilateral international initiative conceptualized by the Bank for International Settlements (BIS) Innovation Hub to enable instant cross-border retail payments by interlinking domestic Instant Payment Systems (IPS) of various countries. India joined Project Nexus in 2024, along with Malaysia, the Philippines, Singapore, and Thailand, with Indonesia as an observer. Once operational, it will connect India's Unified Payments Interface (UPI) with the fast payment systems of these countries, enabling seamless, low-cost cross-border payments. It is not related to labour movement, technology transfer, or financial inclusion databases.
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