These designated correspondent banks can then interact with each other to facilitate payments and settlements within the SAARC region sounds primitive but can be good starting point. This, I am sure, will reduce transaction costs, while at the same time mitigate risks, especially those related to anti money laundering and counter financing of terrorism.
Finally, I will request all of you to take full advantage of this seminar to discuss the challenges facing the correspondent banking business and then suggest regulatory measures that can be adopted to strengthen the regional correspondent banking framework. A modern, intra-regional payment and trade facilitation system is paramount for our collective economic growth and prosperity.