To make cross-border remittances easier for the people of India and Nepal, the central banks of both countries have made a big decision. India’s central bank, Reserve Bank of India, and Nepal’s Nepal Rastra Bank have agreed to integrate India’s Unified Payments Interface and Nepal’s National Payments Interface. Through this, citizens of both countries can make cross-border payments through UPI.
Reserve Bank of India has given this information by issuing a press release. RBI said that the integration of the Unified Payments Interface (UPI) and National Payments Interface (NPI) would facilitate cross-border remittance between India and Nepal, and due to this integration, citizens of both countries can transfer instant, low-cost funds. Will be able to.
RBI said that by linking UPI and NPI, India and Nepal are linking their fast payment systems. This will deepen the financial connectivity between the two countries and further strengthen their historical, cultural, and economic relations.
According to the Terms of Reference exchanged between the Reserve Bank of India and Nepal Rastra Bank, necessary systems will interlink UPI and NPI. RBI said that the launch and operation of the formal linkage of UPI and NPI will be started later.
Earlier on 12 February 2024, a Unified Payment Interface (UPI) was launched in Sri Lanka and Mauritius. In recent times, UPI has been linked with fast payment networks in other countries to make cross-border payments simple and low-cost.
