Modi and Singapore | New Delhi/Hyderabad, Feb 21 (Maxim News): Prime Minister Narendra Modi and his Singaporean counterpart Lee Hsien Loong today witnessed the launch of a cross-border linkage between the two countries using their respective fast payment systems named Unified Payments interface *UPI) and PayNow.
The facility was launched through the token transaction by Reserve Bank of India (RBI) Governor Shaktikanta Das and Managing Director of the Monetary Authority of Singapore, Ravi Menon using the UPI-PayNow linkage.
Modi and Singapore PM
The UPI-PayNow linkage will enable users of the two fast payment systems in either country to make convenient, safe, instant, and cost-effective cross-border fund transfers using the respective mobile apps. Funds held in bank accounts or e-wallets can be transferred to or from India using just the UPI-ID mobile number, or virtual payment address.
To begin with, the State Bank of India, Indian overseas bank, Indian Bank and ICICI Bank will facilitate both inward and outward remittances, while Axis bank and DBS India will facilitate inward remittances.
For Singapore users, the service will be made available through DbS-Singapore and Liquid Group (non-bank financial institutions). More banks will be included in the linkage over time.
Initially, an Indian user can remit up to Rs. 60,000 in a day (equivalent to around SGD 1,000) At the time of making the transaction, the system will dynamically calculate and display the amount in both currencies for the convenience of the user. (Maxim News)
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