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