Modi and Singapore PM Witness Launch of Payment Interface Linkage
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)
Next Story:
-
Canada Temple Attack: Pawan Kalyan Calls For Action
![Canada Temple Attack: Pawan Kalyan Calls For Action]()
Amaravathi/Hyderabad, Nov 5 (Maxim News): Describing the attack on a Hindu temple in Canada as “more than an isolated incident.” Andhra Pradesh Deputy Chief Minister Pawan Kalyan has said the incident pained him reply and expressed hope that the Canadian government would take necessary steps to ensure the safety of the Hindu community there.
-
Woman Gang-Raped In Hyderabad
![Woman Gang-Raped In Hyderabad]()
Hyderabad, Nov 5 (Maxim News): A woman was gang-raped by thugs in Maduranagar area of the city. The victim complained to the police that three youths raped her. In the complaint, it is said that she was taken away after telling lies while coming from work.
-
Schedule For Telangana Inter Exam Fee Dates Released
![Schedule For Telangana Inter Exam Fee Dates Released]()
Hyderabad, Nov 5 (Maxim News): The Telangana State Board of Intermediate Education (TSBIE) has released the schedule for the payment of the intermediate Examination fee from November 6 to 26th of this month without a late fee.
-
Salman Khan Gets One More Death Threat
![Salman Khan Gets One More Death Threat]()
Mumbai/Hyderabad, Nov 5 (Maxim News): Bollywood actor Salman Khan has received another threat, a police official said on Tuesday, adding the person who threatened the actor has demanded Rs. 5 crore from him.
-
Uttam Urges Public Representatives To Ensure Successful Paddy Procurement
![Uttam Urges Public Representatives To Ensure Successful Paddy Procurement]()
· Minister Uttam conducts video conference on paddy procurement with Ministers, MPs, MLAs, MLCs · Deputy CM Bhatti, cabinet ministers join discussions Hyderabad, November 5: Irrigation Minister Uttam Kumar Reddy has called on public representatives and officials to play a proactive role in the success of Telangana’s largest-ever paddy procurement initiative. This historic exercise marks a significant…
Now you can get the latest stories from Indtoday on Telegram every day. Click the link to subscribe. Click to follow Indtoday’s Facebook page and Twitter and Instagram. For all the latest Hyderabad News updates
