RBI Signs Pact To Link UPI With 4 Asian Countries For Instant Payments
Mumbai/Hyderabad, July 1 (Maxim News): Reserve Bank of India (RBI) on Monday announced that it has now joined Project Nexus with the four ASIAN countries to create a platform to facilitate instantaneous cross-border retail payments.
Click Here To Join Us On WhatsApp
Reserve Bank of India (RBI)
Nexus, conceptualised by the Innovation Hub of the Bank for International Settlements (BIS), aims to connect India’s UPI (Unified Payments Interface), with the fast payment systems of ASEAN members – Malaysia, Philippines, Singapore and thailand. These four countries and India would be the founding members and first-mover nations of this platform, the RBI said.
An agreement to this effect was signed by the BIS and the central banks of the founding countries i.e. Bank Negara Malaysia (BNM), Bank of Thailand (BOT), Bangko Sentral ng Pilipinas (BSP), Monetary Authority of Singapore (MAS), and Reserve Bank of India on June 30, 2024, in Basel, Switzerland, according to an RBI statement.
Click Here To Join Us On WhatsApp
4 Asian Countries
Indonesia, which has been involved from the early stages, continues to be involved as a special observer.
The RBI has been collaborating bilaterally with various countries to link India’s Fast Payments System (FPS) – the Unified Payments Interface (UPI), with their respective FPSs for cross-border Person to Person (P2P) and Person to Merchant (P2M) payments.
Click Here To Join Us On WhatsApp
“While India and its partner countries can continue to benefit through such bilateral connectivity of Fast Payment Systems, a multilateral approach will provide further impetus to our efforts in expanding the international reach of Indian payment systems.” the RBI said. (Maxim News)
Next Story :
-
Tax Should Be Collected As Per Target: Commissioner R.V. Karnan
![Tax Should Be Collected As Per Target: Commissioner R.V. Karnan]()
Hyderabad: GHMC Commissioner R.V. Karnan has instructed the officials to collect tax as per the target. The Commissioner reviewed the contempt court cases in a meeting organized with the Town Planning Additional CCP, Deputy Commissioners and ACPs at the GHMC headquarters, Panwar Hall on Saturday.
-
Neglect Of Tummidihatti Led To Telangana’s Irrigation Crisis: Uttam Kumar Reddy
![Neglect Of Tummidihatti Led To Telangana’s Irrigation Crisis: Uttam Kumar Reddy]()
Irrigation Minister Uttam Kumar Reddy on Saturday launched a scathing attack on the previous BRS government, blaming its arrogance and corruption for the collapse of the Kaleshwaram project and the irreversible damage caused to the state’s financial and irrigation systems. “Had construction been taken up at Tummidihatti, this situation would never have arisen,” he said,…
-
Rapid Spread Of Coronavirus: High Alert In Hospitals
![Rapid Spread Of Coronavirus: High Alert In Hospitals]()
Coronavirus is once again spreading in the country. This time it is creating a stir in the form of new variants. After almost a year and a half, Covid-19 cases are being registered in many states. The spread of the virus is especially high in non-rural areas.
-
DK Aruna Appointed As Chairperson Of TSCC For FCI
![DK Aruna Appointed As Chairperson Of TSCC For FCI]()
Mahabubnagar MP D.K Aruna has been entrusted with key responsibilities by the central government. The Central government has appointed DK Aruna as the chairperson of the Telangana State Consultative Committee (TSCC) for the Food Corporation of India (FCI)
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, Twitter and Instagram. For all the latest Hyderabad News updates
