RBI and Nepal Rastra Bank Sign Terms of Reference for Cross-Border Remittances through UPI-NPI Integration:

RBI and Nepal Rastra Bank Sign Terms of Reference for Cross-Border Remittances through UPI-NPI Integration In order to improve cross-border financial transactions, the Reserve Bank of India (RBI) and Nepal Rastra Bank (NRB) signed Terms of Reference today for the integration of fast payment systems. This interface is designed exclusively for India's Unified Payments Interface (UPI) and Nepal's National Payments Interface (NPI). The main goal of this integration is to streamline and facilitate low-cost fund transfers between India and Nepal, allowing users of both systems to make rapid transactions. By bridging the gap between UPI and NPI, India and Nepal's collaboration has the potential to increase financial connectivity and strengthen the two countries' long-standing historical, cultural, and economic ties. With the exchange of Terms of Reference, the RBI and NRB set the framework for the integration of the UPI and NPI systems. This critical stage lays the foundation for building the infrastructure required to support seamless cross-border remittances. While the actual launch of the linkage is set for a later date, the exchanged Terms of Reference represent a concrete commitment to promoting financial integration and collaboration between India and Nepal. The NPCI International Payments Limited (NIPL), in partnership with substantial partners, recently expanded its Unified Payments Interface (UPI) services to Mauritius and Sri Lanka. France became the first European country to embrace UPI. Sri Lanka, too, embraced UPI services enthusiastically. In an effort to improve bilateral connections, Prime Minister Modi emphasized the revolutionary transformation brought about by India's digital public infrastructure.