The Reserve Bank of India (RBI) and National Payment Corporation of India (NPCI) are in discussion with various countries to have Unified Payments Interface arrangements, RBI Governor Shaktikanta Das said.
He further added that this will enhance the footprints of the Unified Payments Interface (UPI).
“Already the RBI and NPCI are in dialogues, in discussion with a number of countries to have similar arrangements as we have with Singapore, and to enhance the footprints of the UPI,” Das said during the post-monetary policy press conference on April 6.
In February, Prime Minister Narendra Modi and his Singapore counterpart Lee Hsien Loong launched the cross-border linkage between the two nations using their respective Fast Payment Systems - India's Unified Payments Interface (UPI) and Singapore's PayNow.
The facility was launched through token transactions by RBI Governor Shaktikanta Das and Monetary Authority of Singapore Managing Director Ravi Menon using the UPI-PayNow linkage.
At that time, State Bank of India, Indian Overseas Bank, Indian Bank, and ICICI Bank have been selected to facilitate money transfer through the UPI-PayNow link between India and Singapore.
While these lenders will help in both inward and outward remittances, Axis Bank and DBS India will facilitate inward remittances only.
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