In an aim to enhance cross-border financial transactions, the Reserve Bank of India ( RBI ) and Nepal Rastra Bank ( NRB ) have exchanged Terms of Reference today for the integration of fast payment systems. This integration specifically targets the Unified Payments Interface ( UPI ) of India and the National Payments Interface ( NPI ) of Nepal.
The primary objective behind this integration is to streamline and facilitate low-cost fund transfers between India and Nepal, enabling users of both systems to conduct instant transactions. By bridging the gap between UPI and NPI, the collaboration between India and Nepal is poised to deepen financial connectivity and strengthen the longstanding historical, cultural, and economic bonds between the two nations.
With the exchange of Terms of Reference, RBI and NRB have set the groundwork for the interlinking of UPI and NPI systems. This crucial step lays the foundation for establishing the necessary infrastructure to facilitate seamless cross-border remittances. While the formal launch of the linkage is scheduled for a later date, the exchanged Terms of Reference signify a concrete commitment towards advancing financial integration and cooperation between India and Nepal.
Recently, The NPCI International Payments Limited ( NIPL ), in collaboration with key partners, has extended the Unified Payments Interface ( UPI ) services to Mauritius and Sri Lanka. France becomes the First European country to accept UPI.
Sri Lanka, too, embraced the UPI services with enthusiasm. In a bid to strengthen the ties between the two nations, Prime Minister Modi highlighted the revolutionary change brought about by India’s digital public infrastructure.
Read More: RuPay, UPI payment services roll-out in Mauritius, Sri Lanka and Eiffel Tower, France
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