New Delhi: Senior officials of the RBI and the National Payments Corporation of India (NPCI) have made a presentation to the WTO members on reducing cost of remittances on March 25, an official said.

India is pressing for the adoption of open and inter-operable payment systems like UPI, among WTO (World Trade Organisation) members with a view to cut the cost of money transfers or remittances.

India is suggesting to encourage digital transfers, fostering inter-operable systems, streamlining regulations, and enhancing pricing transparency. The remittance costs are about 6.18 per cent globally which is well above the UN’s target of 3 per cent.