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1. What is the name of the multilateral initiative aimed at streamlining retail cross-border payments involving RBI and ASEAN countries?
Project Nexus is a collaborative effort between RBI, BIS, and central banks of ASEAN countries to enhance the efficiency, speed, and cost-effectiveness of retail cross-border payments. Scheduled to launch by 2026, this initiative will integrate domestic fast payment systems across Malaysia, the Philippines, Singapore, Thailand, and India, marking a significant advancement in international payment systems.