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India and Nepal Partner to Streamline Cross-Border UPI Payments

February 16, 2024
India and Nepal Partner Payments

In a move to ease financial transactions, the Reserve Bank of India (RBI) and Nepal Rastra Bank (NRB) have signed an agreement to integrate their respective fast payment systems: India’s Unified Payments Interface (UPI) and Nepal’s National Payments Interface (NPI).

This integration will allow users in both countries to make instant, low-cost fund transfers across borders. The RBI statement emphasizes that this will simplify remittances between India and Nepal.

“This collaboration signifies a deepening of financial ties between India and Nepal and further strengthens our shared historical, cultural, and economic connections,” the statement added.

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Necessary systems for linking UPI and NPI are being established, with a formal launch to be announced at a later date.

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