Mains Answer Writing
Concept Mapping Mentorship- Covering Syllabus Through Themes
- GS & Optional
What are the objectives of Project Nexus, and how does it aim to revolutionize cross-border retail payments? Evaluate its potential impact on enhancing financial connectivity among member countries and fostering global economic integration.
Category: Economy (GS -III),
Test Date: 02 Jul 2024
Approach:
- Introduction: Briefly introduce Project Nexus as a multilateral initiative aimed at enabling instant cross-border retail payments among member countries' Fast Payment Systems (FPSs).
- Significance of Project Nexus:
- Near-instantaneous cross-border transactions by standardizing connections between domestic payment systems.
- Reducing transaction times and costs, enhancing efficiency in international financial transactions.
- Challenges: Regulatory Harmonization, Technological Integration, Adoption and Acceptance
- Conclude accordingly
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