The National Bank of Kyrgyzstan and the Reserve Bank of India discussed the integration of their national payment systems

A delegation from the National Bank of Kyrgyzstan held talks with representatives of the Reserve Bank of India during the Spring Meetings of the International Monetary Fund and the World Bank in Washington. Particular attention was paid to the development of national payment systems and their potential integration.

The meeting between National Bank Chairman Almaz Baketaev and Reserve Bank of India Governor Sanjay Malhotra focused on expanding cooperation between regulators amid the accelerating digitalization of the financial sector.

The parties discussed the prospects for interconnecting national payment infrastructures, which could simplify cross-border settlements and increase the accessibility of financial services for citizens and businesses in both countries. According to Baketaev, the development of such solutions is becoming particularly relevant amid the growth of cashless transactions and the demand for fast and inexpensive transfers.

The integration of payment systems is viewed as a tool for improving settlement efficiency, reducing transaction costs, and strengthening financial ties between the countries.

Following the talks, the parties confirmed their readiness to further develop bilateral cooperation and continue the dialogue on digital financial solutions.

It should be noted that the Reserve Bank of India was founded on April 1, 1935. Initially, its headquarters were located in Kolkata, but in 1937 they were moved to Mumbai, where they remain to this day. Following nationalization in 1949, the bank became wholly owned by the Government of India.