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Reserve Bank of India (RBI) and Nepal Rastra Bank took a significant step forward by signing and exchanging terms of reference for the integration of their fast payment systems. This integration will leverage India's Unified Payments Interface (UPI) and Nepal's National Payments Interface (NPI), facilitating seamless cross-border remittances between the two nations through instant and cost-effective fund transfers.
In a press statement, the RBI highlighted that this collaboration aims to deepen financial connectivity between India and Nepal, strengthening the longstanding historical, cultural, and economic bonds shared by the two countries. The exchange of terms of reference lays the groundwork for establishing the necessary systems to interlink UPI and NPI, with the formal launch of the linkage slated for a later date.
This development follows the recent launch of the Unified Payments Interface (UPI) in Sri Lanka and Mauritius on February 12. The expansion of UPI to these countries underscores India's commitment to fostering digital connectivity and enhancing the efficiency of cross-border transactions. The move is expected to benefit a diverse range of users and bolster digital connectivity between India, Sri Lanka, and Mauritius, leveraging the robust cultural and people-to-people ties among these nations.
With these initiatives, India continues to play a pivotal role in advancing digital payment infrastructure regionally, promoting financial inclusion, and fostering greater economic cooperation among neighbouring countries.
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