however, for those who send funds abroad using remittances, the costs can be substantial. for example, the average cost of sending $ 200 internationally from the u. s. is nearly 6 percent. 8 in addition to broader work on cross - border payments, the g20 countries have gemechu ayana aga and maria soledad martinez peria, “ international remittances and financial inclusion in sub - saharan africa, ” policy research working paper 6991 ( washington : world bank group, development research group, july 2014 ), https : / / openknowledge. worldbank. org / server / api / core / bitstreams / 19e5d9c1 - cabd - 5c54a4c2 - fd2f12964b61 / content. david malpass, “ remittances are a critical economic stabilizer, ” world bank blog, december 6, 2022, https : / / blogs. worldbank. org / en / voices / remittances - are - critical - economic - stabilizer. the world bank, remittance prices worldwide quarterly, issue 48, december 2023, p. 11, https : / / remittanceprices. worldbank. org / sites / default / files / rpw _ main _ report _ and _ annex _ q423 _ final. pdf. - 6reaffirmed a commitment to reducing average remittance fees to below 3 percent by 2030. this could result in a greater proportion of funds reaching recipients. 9 continued improvements to domestic and international payment systems and responsible innovation can further support our work on financial inclusion. conclusion greater inclusiveness in the financial system is an ongoing priority for the federal reserve. while we have made great progress, there is more to be done for both the public and private sectors. we should be open to considering how new or innovative products and services could promote financial inclusion. we should also be willing to engage with a wide range of stakeholders. financial access and inclusion are not one - size - fits - all and can look very different to each consumer. therefore, involving consumers and communities in identifying issues and crafting solutions is critical to success. advancing financial inclusion will clearly take many hands and a diverse set of stakeholders, including everyone participating here today. for more information on the g20 cross - border payments improvement roadmap and its progress, see financial stability board, enhancing cross -

, but i thought it would be more effective if we engage with all the directors together. it is the joint responsibility of the chairman of the board and the directors, both whole time as well as non - executive or part time directors, to ensure robust governance in banks. ii. ensuring requisite qualification and expertise in the board 7. the banking regulation act prescribes certain qualifications for appointment as directors in the board of banks. additionally, the reserve bank has issued guidelines on the ‘ fit and proper ’ criteria for the directors. the objective is that board members should have requisite expertise and demonstrate competence and integrity. for this, it is of utmost importance that the directors keep themselves updated with material changes in the bank ’ s internal environment as well as the external factors that have a bearing on the bank. a balanced combination of skills, diversity and expertise commensurate with the size, complexity and risk profile of a bank is what will drive it towards sustainable resilience. these skills should be enhanced by ongoing orientation programmes for the directors. directors must exercise care, prudence and diligence in the discharge of their functions. duty of loyalty implies an undivided and unselfish loyalty to the bank and demands that there shall be no conflict between duty and self - interest6. iii. objective and independent board 8. individual directors should not have any conflict of interest which may hamper their objectivity and independence. it is the responsibility of the board to ensure that policies are in place to identify potential conflicts of interest and deal with them. in this respect, it is necessary that ‘ independent ’ directors are truly independent ; that is, independent not only of the management but also of controlling shareholders while discharging their duties. they have to always remember that their loyalty is to the bank and no one else. directors should keep watch on actual or potential related party transactions. they are expected to ask pertinent questions and obtain the required information from the management before taking decisions. i am not advocating any the corporate governance of banks, jonathan r. macey and maureen o ’ hara, frbny economic policy review / april 2003 confrontation, but only stressing the need for the required level of alertness among all directors. iv. role of chairperson, board committees and managing director / chief executive officer 9. the role of chairperson is akin to the captain of a ship. for the chairperson to be able to navigate the board discussions and functions in the right direction, he / she should