An early decision on these modalities would enable a quicker mobilization of the targeted resources from a wider group of members. On our part, India is prepared to take on its share of responsibility to augment the Fund’s resources. We would be able to commit on the extent of participation once the modalities are evolved in keeping the principles enunciated.
It will not only reduce systemic risk within the banking system but it will also streamline the funds transfer process making it more reliable and efficient. By way of example, importers will soon be able to transfer payments to Customs in real time and thereby uplift their cargo from the wharves much more quickly than is currently the case.