Prelims: Current Events of National and International Importance
Why in the news?
Recently the NPCI International Payments Ltd (NIPL) has further enhanced the UPI-PayNow by adding 13 more banks and eased cross-border remittances between India and Singapore.
- NPCI International Payments Ltd (NIPL) – It is the international arm of National Payments Corporation of India (NPCI).
- Purpose – NIPL is devoted for deployment of RuPay (domestic card scheme) and UPI (mobile payment solution) outside of India.
- Functioning – It will help Indian Travellers pay with these payment channels in destination country of travel.
- UPI-PayNow linkage - A joint initiative between Reserve Bank of India (RBI) and Monetary Authority of Singapore (MAS).
- This partnership allows users of Singapore's PayNow and India's Unified Payments Interface (UPI) to send money instantly and securely across the two countries.
- Expansion of UPI-PayNow Linkage – NIPL has added 13 more banks to the UPI-PayNow platform, enhancing real-time payment linkage between India and Singapore.
- The expanded network for remittances to India now includes 19 banks
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Bank of Baroda
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IDFC FIRST Bank
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Bank of India
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IndusInd Bank
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Canara Bank
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Karur Vysya Bank
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Central Bank of India
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Kotak Mahindra Bank
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Federal Bank
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Punjab National Bank
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HDFC Bank
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South Indian Bank
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UCO Bank
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Axis Bank
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DBS Bank India
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ICICI Bank
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Indian Bank
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Indian Overseas Bank
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State Bank of India
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- Remittance received through - Popular UPI apps such as BHIM, Google Pay, PhonePe, or respective bank apps.
- Outward Transfers to Singapore – From India are facilitated by Canara Bank, HDFC Bank, Karur Vysya Bank, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India.
- Customers of DBS SG and Liquid Group can access these remittance services in Singapore. Usage - Enabling real-time cross-border payments via UPI ID or Virtual Payment Address (VPA).
- Transactions are processed instantly, allowing quick fund transfers between India and Singapore.
- User benefits - This move significantly eases digital remittance transactions done on daily basis.
- Greatly benefits the Indian diaspora, including migrant workers and students in Singapore
- Significance – It will boost financial connectivity and offers a seamless, trusted platform for remittances.
Reference
The Hindu| NPCI International expansion of UPI-PayNow Network
