On February 15, the Reserve Bank of India and Nepal Rastra Bank signed and exchanged terms of reference for the integration of the countries’ fast payment systems via the National Payments Interface (NPI) in Nepal and the Unified Payments Interface (UPI) in India.
In a news release, the RBI stated that the integration will allow users of the two systems to send money instantly and cheaply, hence facilitating cross-border remittances between India and Nepal.
‘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,’ according to a news release issued by the RBI.
The Indian central bank went on to state that the mechanisms required for the interconnection of UPI and NPI will be put in place based on the terms of reference that were exchanged between the RBI and NRB.
‘The formal launch of the linkage, that is the commencement of operations, will be done at a later date,’ the statement stated.
Prior to this, on February 12, Sri Lanka and Mauritius activated the Unified Payments Interface (UPI), joining the increasing number of nations where the payments system is either accepted or connected to their own quick-payments network.
‘Given India’s robust cultural and people-to-people linkages with Sri Lanka and Mauritius, the launch will benefit a wide cross-section of people through a faster and seamless digital transaction experience and enhance digital connectivity between the countries,’ the Indian Government stated in a statement on the eleventh of February.
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