New Delhi, Feb. 16 -- In a significant development, the central banks of India and Nepal have inked terms of reference on Thursday, paving the way for the integration of India's Unified Payments Interface (UPI) and Nepal's National Payments Interface (NPI).
This integration is specifically designed to streamline cross-border remittances between the two nations, facilitating instant and cost-effective fund transfers for users of both systems.
The collaboration between the Reserve Bank of India and Nepal Rastra Bank aims to connect their fast payment systems through the UPI-NPI linkage.
This initiative is anticipated to deepen financial connectivity and strengthen the enduring historical, cultural, and economic bonds between the two cou...