In a major development, Indians can now receive money from Singapore instantly and securely using major UPI apps as well as those of popular banks.
Made possible by a cross-border linkage between the Unified Payments Interface (UPI) & PayNow, Indian diaspora in Singapore can now send remittances directly into the bank accounts of Indians, a statement by National Payments Corporation of India (NPCI) said on Thursday.
The facility will be available for users of the BHIM, Paytm and PhonePe apps as well those using apps of Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India.
The statement said apps of HDFC Bank, Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Federal Bank, IDFC First Bank, IndusInd Bank, Karur Vysya Bank, Kotak Mahindra Bank, Punjab National Bank, South Indian Bank, and UCO Bank are expected to be added to the linkage soon.
Explaining the benefits of money sent using this route, the NPCI said that the transfer will be instant, safe, available 24X7 and that the transaction fees will also be competitive, enabling even small and frequent remittances.
The statement said the interoperability is the result of close collaboration between the Reserve Bank of India (RBI) and Monetary Authority of Singapore and that the increasing adoption of UPI in cross-border transactions amplifies financial inclusion and "also plays a pivotal role in fostering the overall growth of India's dynamic digital payment ecosystem".
Featured Video Of The Day
'Why Is BJP Not Announcing Eknath Shinde As Its Chief Ministerial Face?' Sachin Pilot To NDTV
World's Longest Nonstop Flights To Get $821 Million Luxury Upgrade Goverment Permits Indian Restaurants In Singapore To Hire Cooks From India "Billionaire Hub vs Tax-Free Oasis": X User's Thread Comparing Singapore And Dubai Goes Viral "Will Stop Singing Songs On Alcohol If...": Diljit Dosanjh Sets A Condition Gujarat MBBS Student Made To Stand For Hours During Ragging, Dies Delhi Wakes Up To Season's Worst Air Quality, Visibility Drops To 150 Metres 2 Days Before Maharashtra Votes, Ad War Between Maha Vikas Aghadi, Mahayuti ICSI CSEET November Result 2024 Released, Check Steps To Download Congressman-Elect Opposes Tariffs On India, Fears Trade War Track Latest News Live on NDTV.com and get news updates from India and around the world.