India and Nepal to set up cross-border payments link

Project adds to growing list of similar bilateral initiatives in Asia

Reserve Bank of India building in Mumbai
Nichalp/Wikimedia Commons

The central banks of India and Nepal signed an agreement on February 15 to link up the two neighbouring countries’ fast payment systems.

The initiative will connect India’s Unified Payments Interface (UPI) and Nepal’s National Payments Interface (NPI).

The Reserve Bank of India (RBI) said the link would facilitate cross-border remittances between the countries, and enable users to make instant, low-cost fund transfers. However, the central bank has not specified when the payments link will be

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