With India already piloting its CBDC, it is well poised to steer the discussion on the need for cross-border interoperability of CBDCs and developing standards for effective interfacing, so as to realise the potential of cheaper, efficient and faster crossborder payments. 34.
This is consistent with the post-crisis situation in many advanced economies and reflects a combination of deleveraging factors and still-low investment levels. Even in good times, SMEs face a tougher financing environment compared to larger corporates, due to higher investment risks and limited firm-level information available to providers of debt and equity finance.