India's Payments Revolution: What Comes Next? With Mr P Vasudevan, Executive Director, Reserve Bank of India

India is racing ahead in modernising its payment systems, from the Unified Payments Interface (UPI)’s instant rails to the e‑rupee pilot. Can it set the benchmark for regional standards? What lies ahead for cross‑border digital currencies, cryptocurrencies, and stablecoins under evolving regulation and governance structures?

EAI Director Prof Alfred Schipke speaks with Mr P. Vasudevan, Executive Director of the Reserve Bank of India, on the technology, governance, and policy choices shaping the next chapter of regional payments system development.

Highlights:

00:00 The development of India’s payment systems, including Unified Payments Interface (UPI), India’s leading fast payment system

04:55 Progress of India’s pilot of its Central Bank Digital Currency (CBDC), the e-rupee

10:53 The potential of CBDCs for cross-border transactions, and the role played by governance structures in such transactions

15:08 Challenges faced in harmonizing standards and regulations for cross-border CBDCs

24:10 India’s stance on new financial instruments like cryptocurrencies and stablecoins

East Asia Pulse is a podcast produced by the East Asian Institute at the National University of Singapore (NUS). It provides in-depth analyses of political, economic and strategic trends in East Asia.

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