UPI users can now receive funds from their near and dear ones from Singapore
National Payments Corporation of India (NCPI) has announced on Thursday (11 January, 2024) that Indians can receive funds from Singapore-based Indian diaspora directly into their bank accounts through UPI apps.
Payment through UPI (Unified Payments Interface) has revolutionized payment system in India. National Payments Corporation of India (NCPI) has announced on Thursday (11 January, 2024) that Indians can receive funds from Singapore-based Indian diaspora directly into their bank accounts through UPI apps.
“The cross-border linkage between Unified Payments Interface (UPI) & PayNow is enabling Indians to receive instant, secure, and cost-effective remittances from Singapore-based Indian diaspora directly into their bank accounts. This facility can be accessed by users of BHIM, PhonePe, and Paytm apps. Additionally, banks such as Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India provide this functionality through their respective apps,” mentioned NCPI in its press release.
More banks like the Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Federal Bank, HDFC Bank, IDFC First Bank, IndusInd Bank, Karur Vysya Bank, Kotak Mahindra Bank, Punjab National Bank, South Indian Bank, and UCO Bank are expected to be added to the linkage soon.
This facility ensures that the transfer of funds will be instant, secure and cost effective. Furthermore, it will be more convenient as the facility will be available 24/7 throughout the year.
This milestone could be achieved as a result of close collaboration between the Reserve Bank of India (RBI) and Monetary Authority of Singapore (MAS), said the press release.
Ms Kalinga