Nepal Rastra Bank (NRB) and the Reserve Bank of India (RBI) have signed Terms of Reference for the integration of payment systems of Nepal and India — National Payments Interface (NPI) of Nepal and Unified Payments Interface (UPI) of India.
This integration aims to facilitate remittances between Nepal and India, enabling users of both systems to make fund transfers, according to a statement from the RBI, ANI reported.
The collaboration between Nepal and India to link their payment systems through NPI-UPI will enhance financial connectivity and reinforce the ties between the two countries.
Based on the Terms of Reference exchanged between NRB and RBI, systems will be established for the interlinking of NPI and UPI. The launch of the linkage and the start of operations will be announced in the future, as stated by the RBI.
The NPI-UPI integration is expected to benefit people by providing a digital transaction experience and enhancing digital connectivity between the countries, according to a statement from the Government of India.
The Indian government on February 12, launched the UPI in Sri Lanka and Mauritius, expanding the list of countries where the payments system is accepted or linked to their network.
