2024-02-16 By Surbhi Chauhan News

RBI and NRB Forge Partnership to Integrate Fast Payment Systems between India and Nepal!

On Thursday, the Reserve Bank of India (RBI) and Nepal Rastra Bank (NRB) sealed a significant agreement by signing and exchanging Terms of Reference (ToR). This pact aims to seamlessly integrate the fast payment systems of India & Nepal through the Unified Payments Interface (UPI) of India and the National Payments Interface (NPI) of Nepal, respectively. This strategic move, as stated by the RBI, is designed to streamline cross-border remittances between the two nations, empowering users to conduct instant and cost-effective fund transfers.

In a statement, the RBI highlighted the collaborative effort between India and Nepal, emphasizing that the integration of their fast payment systems via the UPI-NPI linkage would not only bolster financial connectivity but also strengthen the enduring historical, cultural, and economic bonds between the two countries.

According to the terms outlined in the exchanged ToR between RBI and NRB, the requisite infrastructure will be established to facilitate the interlinking of UPI & NPI systems. The formal implementation of this linkage, marking the commencement of operations, will occur at a later date, added the statement.