Reserve Bank of India (RBI) and Nepal Rastra Bank (NRB) have come together to link India's Unified Payments Interface (UPI) with Nepal's National Payments Interface (NPI) in order to improve cross-border remittance processing.
This agreement seeks to allow users of both systems to send quick and cost-effective remittances between India and Nepal. In a statement, the RBI emphasized that the integration of fast payment systems between India and Nepal via the UPI-NPI link will boost economic connectivity and deepen the two countries' long-standing historical, cultural, and economic relations.
According to the agreed-upon directives, the necessary infrastructure for the merging of UPI and NPI will be developed, with the official start of operations scheduled for later. Also, India's recent expansion of UPI payments to seven countries, including Nepal, demonstrates its dedication to developing cross-border digital payment ecosystems.
This expansion builds on the recent launch of UPI services in Sri Lanka and Mauritius and now includes France, the UAE, Mauritius, Sri Lanka, Singapore, Bhutan, and Nepal. Prime Minister Narendra Modi held a virtual event to announce the introduction of UPI and Rupay card services in Sri Lanka and Mauritius. Prime Minister Modi emphasized the significance of these events, saying they highlight India's close ties with these countries.
