On Thursday, 10 August, the Reserve Bank said the internationalization of the unified payments interface (UPI) system is a work in process as it has an objective of linking it with more and more overseas allies, including some nations in the West and Japan.
On 21 February 2023, the RBI announced the first linkage of UPI by incorporating it with Singapore’s Paynow, laying the groundwork for faster and more transparent remittances between both nations.
The Reserve Bank of India Governor Shaktikanta Das released the new linkage in affiliation with his Singaporean counterpart Ravi Menon, who is serving as the managing director of the Monetary Authority of Singapore.
This story is from the August 12, 2023 edition of The Business Guardian.
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This story is from the August 12, 2023 edition of The Business Guardian.
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