Integration of the fast payment systems aims to facilitate cross-border remittances between India and Nepal
The Reserve Bank of India (RBI) and Nepal Rastra Bank (NRB) on Thursday signed and exchanged terms of reference for the integration of the Unified Payments Interface (UPI) of India and the National Payments Interface (NPI) of Nepal, respectively.
The integration of the fast payment systems aims to facilitate cross-border remittances between India and Nepal by enabling users of the two systems to make instant, low-cost fund transfers, according to an RBI statement.
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, it said.
Based on the terms of reference exchanged between RBI and NRB, the necessary systems will be implemented for interlinking UPI and NPI. The statement added that the formal launch of the operations will be done at a later date.
[With Inputs from IANS]
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