Earlier this week, the Centre declared that payments through Unified Payments Interface (UPI) will be accepted in seven countries after its recent launch in Sri Lanka and Mauritius.The Reserve Bank of India (RBI) and Nepal Rastra Bank (NRB) have signed the Terms of Reference on the integration of the Unified Payments Interface (UPI) of India with the National Payments Interface (NPI) of Nepal for cross-border remittances. The central bank said the integration is aimed at facilitating cross-border remittances between India and Nepal by enabling users of the two systems to make instant, low-cost fund transfers.
In a statement, the RBI said: "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. Based on the Terms of Reference exchanged between RBI and NRB, the necessary systems will be put in place for the interlinking of UPI and NPI. The formal launch of the linkage i.e., commencement of operations will be done at a later date."
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