India & Nepal Central Banks Sign Agreement For Instant Fund Transfers

New Delhi, Feb 16 (KNN) In a significant development, the central banks of India and Nepal have inked terms of reference on Thursday, paving the way for the integration of India's Unified Payments Interface (UPI) and Nepal's National Payments Interface (NPI).

This integration is specifically designed to streamline cross-border remittances between the two nations, facilitating instant and cost-effective fund transfers for users of both systems.

The collaboration between the Reserve Bank of India and Nepal Rastra Bank aims to connect their fast payment systems through the UPI-NPI linkage.

This initiative is anticipated to deepen financial connectivity and strengthen the enduring historical, cultural, and economic bonds between the two countries. The RBI conveyed this expectation in an official statement.

Following the signing of the terms of reference, the necessary infrastructure will be established to interlink UPI and NPI. The formal launch of the UPI-NPI linkage will occur at a later date, as indicated by the RBI.

(KNN Bureau)New Delhi, Feb 16 (KNN) In a significant development, the central banks of India and Nepal have inked terms of reference on Thursday, paving the way for the integration of India's Unified Payments Interface (UPI) and Nepal's National Payments Interface (NPI).

This integration is specifically designed to streamline cross-border remittances between the two nations, facilitating instant and cost-effective fund transfers for users of both systems.

The collaboration between the Reserve Bank of India and Nepal Rastra Bank aims to connect their fast payment systems through the UPI-NPI linkage.

This initiative is anticipated to deepen financial connectivity and strengthen the enduring historical, cultural, and economic bonds between the two countries. The RBI conveyed this expectation in an official statement.

Following the signing of the terms of reference, the necessary infrastructure will be established to interlink UPI and NPI. The formal launch of the UPI-NPI linkage will occur at a later date, as indicated by the RBI.

(KNN Bureau)