After Singapore, the RBI has started discussions with other countries Mauritius, Indonesia and the UAE for directly linking India’s Unified Payments Interface (UPI) with payment networks in these nations for quicker and cheaper fund transfers through mobile phones.
Other Latin American nations have also expressed interest, a senior RBI official told journalists on the sidelines of the G20 finance ministers and central bank governors conference in Bengaluru.
The move will make cash transfers easier and eliminate the exorbitant fees levied by banks. The Indian diaspora will benefit immensely from the move as it will be both quicker and easier to send remittances.
According to an RBI official, the use of UPI for non-resident Indians will also become operational next month, enabling access to the facility through international phone numbers.
The fifth edition of the historic Indo-Vietnam Joint Field Training Exercise, VINBAX-2024, successfully concluded its…
The 22nd meeting of the India-Russia Working Group on Military technical cooperation and defence industry…
Sylvie Bermann, President of the World Nuclear Exhibition expressed confidence in India's nuclear supply chain…
Joint Awami Action Committee core member Shaukat Nawaz Mir has condemned the attack of police…
Prime Minister Narendra Modi participated in 31 Bilateral Meetings and informal interactions with global leaders…
India and Australia conducted the 11th edition of the Indian Air Force and Royal Australian…