**News Flash: RBI Proposes Plug-and-Play System for Cross-Border Payments**

The Reserve Bank of India (RBI) is pushing for a plug-and-play system to enhance cross-border payment interoperability. With the rise of fast payment systems and central bank digital currencies (CBDCs), this initiative aims to streamline international transactions.

RBI Governor Shaktikanta Das highlighted the importance of interoperability at a recent conference, noting that countries often design systems based on domestic needs. The proposed plug-and-play model would allow for easy integration while respecting national sovereignty.

India is making strides in this area, seeking to benefit the global community. However, challenges remain, such as aligning legacy systems with CBDCs and establishing sustainable governance frameworks.

The G20 and other international bodies are also focused on improving cross-border payment efficiency, with India playing a key role since assuming the G20 Presidency in December 2022. A consultation paper on cryptocurrency legislation is expected soon.