MUMBAI: Reserve Bank of India has signed an agreement with Nepal’s central bank for integration of UPI with National Payment’s interface of the Himalayan country.
The agreement was inked in the presence of RBI governor Shaktikanta Das and his Nepali counterpart Maha Prasad Adhikari. The signing comes two years after the National Payment Corporation of India’s international arm inked an agreement to facilitate the deployment of UPI in Nepal.
The terms of reference of Thursday’s agreement include putting systems in place for integration of fast payment systems of India and Nepal.The integration is aimed at facilitating cross-border remittances between India and Nepal by enabling users of the two systems to make instant, low-cost fund transfers.
“The collaboration between India and Nepal in linking their fast payment systems through the UPI-NPI linkage will further deepen financial connectivity and reinforce the enduring historical, cultural, and economic ties between the two countries,” RBI said in a statement. The necessary systems will be put in place for interlinking of UPI and NPI soon. The formal launch of cross-border UPI operations will be done at a later date.
The agreement was inked in the presence of RBI governor Shaktikanta Das and his Nepali counterpart Maha Prasad Adhikari. The signing comes two years after the National Payment Corporation of India’s international arm inked an agreement to facilitate the deployment of UPI in Nepal.
The terms of reference of Thursday’s agreement include putting systems in place for integration of fast payment systems of India and Nepal.The integration is aimed at facilitating cross-border remittances between India and Nepal by enabling users of the two systems to make instant, low-cost fund transfers.
“The collaboration between India and Nepal in linking their fast payment systems through the UPI-NPI linkage will further deepen financial connectivity and reinforce the enduring historical, cultural, and economic ties between the two countries,” RBI said in a statement. The necessary systems will be put in place for interlinking of UPI and NPI soon. The formal launch of cross-border UPI operations will be done at a later date.