NPCI global payments constrained (NIPL), the international arm of countrywide bills employer of india (NPCI), on wednesday stronger the UPI-paynow real-time fee linkage by way of adding thirteen extra banks on the platform, extending its reach and simplifying pass-border remittances among india and Singapore.
The facility can be available to clients of the brought banks from July 17.
"With this development, for you to move live on July 17, 2025, customers in both nations can remit budget to a wider base, making the provider greater handy and convenient," said NPCI in a statement.
With the full-size community for remittances to india now consists of 19 banks - bank of Baroda, bank of india, Canara financial institution, principal bank of india, mahindra BANK' target='_blank' title='kotak mahindra bank-Latest Updates, Photos, Videos are a click away, CLICK NOW'>kotak mahindra bank, Federal financial institution, hdfc financial institution, indusind bank, South indian bank, Karur Vysya bank, IDFC FIRST bank, punjab national bank, and UCO bank along Axis financial institution, DBS bank india, ICICI bank, indian financial institution, indian foreign places financial institution, and country bank of India.
Following the improvement, the recipient in india can receive remittances from singapore of their debts held with any of those 19 banks through their desired UPI-enabled apps together with BHIM, google pay and phonepe.
The money can be received through the UPI app issuer by using banks as well.
Similarly to ICICI bank, indian financial institution, indian overseas financial institution, and nation bank of india, Canara bank, hdfc financial institution, and Karur Vysya financial institution additionally offer outbound remittances from india to Singapore.
This provider is to be had to DBS SG and Liquid organization clients in singapore, NPCI stated.
The bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india (RBI) and the economic Authority of singapore (MAS) collaborated to release the UPI-paynow service.
It allows instantaneous go-border money transfers between human beings; indian users can send cash to Singaporean users the use of their wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital payment address (VPA) or cellular wide variety, and indian users can get hold of money the usage of their UPI id.
As the world's first cloud-based, actual-time move-border price system, the initiative is a pioneering step in international charge connectivity.
"The growth of the UPI-paynow linkage marks a leap forward in strengthening go-border payment infrastructure," stated Ritesh Shukla, MD and CEO, NPCI worldwide.
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