RBI signed terms of reference with Nepal Rastra Bank on the Integration of the Unified Payments Interface of India with the National Payments Interface of Nepal for cross-border remittances.
Source: RBI
The banking regulators of India and Nepal signed and exchanged Terms of Reference for the integration of cross-border payment between the two countries.
Source: Freepik
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.
Source: Twitter/ @MEAIndia
The statement further adds that the necessary systems will soon be put in place for the interlinking of UPI and NPI.
Source: Shutterstock
However, the formal launch of the linkage i.e., commencement of operations will be carried out at a later date.
Source: ANI
Notably, Indians can now use the UPI to make payments in seven countries.
Source: ANI
UPI payments are accepted in France, UAE, Singapore, Bhutan, Sri Lanka, Mauritius, and Nepal.