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State-owned Central banks of India and Nepal on Thursday signed terms of reference for the integration of the Unified Payments Interface (UPI) and National Payments Interface (NPI).
The Reserve Bank of India and Nepal Rastra Bank signed the terms of reference.
The formal launch of the linkage or commencement of operations will be done at a later date, the Reserve Bank said in a statement.
"The integration is aimed at facilitating cross-border remittances between India and Nepal by enabling users of the two systems to make instant, low-cost fund transfers," it said.
The RBI further said the collaboration between India and Nepal in linking their fast payment systems through the UPI-NPI linkage will further deepen financial connectivity and reinforce the enduring historical, cultural, and economic ties between the two countries.
Based on the terms of reference exchanged between the RBI and NRB, the necessary systems will be put in place for the interlinking of UPI and Nepal's NPI.
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