India, Nepal sign pact to link UPI, NPI for faster remittances
India, Nepal sign pact to link UPI, NPI for faster remittances
Current Affairs Daily Articles & Editorials
La Excellence IAS Academy | February 16, 2024 | International Relations
Syllabus: GS-II
Subject: International Relations
Topic: India & Its neighbourhood.
Issue: UPI
Context: India’s Reserve Bank of India (RBI) and Nepal’s Nepal Rastra Bank (NRB) signed and exchanged Terms of Reference (ToR).
Benefits:
- Integrates fast payment systems between the two countries.
- To facilitate cross-border remittances, enabling users to make instant, low-cost fund transfers.
- Deepening of financial connectivity between India and Nepal.
- Reinforcing the enduring historical, cultural, and economic ties between the two countries.
+ Mains
| Enhances financial connectivity and streamlines cross-border remittances between India and Nepal through the integration of their fast payment systems. |
Source: The Hindu
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