It will soon be possible for international numbers to transact on the UPI (Unified Payments Interface) network, as per a circular by the National Payments Corporation of India (NPCI). A deadline of April 30, 2023, has been set by the NPCI for members to comply with the guidelines. Successful implementation of this circular will allow non-resident Indians to link their international number to domestic bank accounts. The facility will be extended to 10 countries at first but more countries will be included in the “near future”. Why it matters: The move is likely to facilitate ease of payments offered by UPI to millions of Indians who are living abroad in the countries mentioned below. Many experts believe that NPCI’s decision will help broaden the popularity of the payment mechanism besides expanding the number of bank accounts linked to UPI. Which countries have been picked: The circular laid down the following countries that will be eligible for this facility— Singapore (+65) Australia (+61) Canada (+1) Hong Kong (+852) Oman (+968) Qatar (+974) USA (+1) Saudi Arabia (+966) United Arab Emirates (+971) United Kingdom (+44) What did the circular say: Here are some of the guidelines stipulated by the NPCI in its instructions:— The regulator said that member banks have to ensure that accounts are compliant with extant Foreign Exchange Management Act (FEMA) and Reserve Bank of India (RBI) regulations before they are allowed to use this facility. It will be the responsibility of beneficiary banks to ensure that user accounts adhere…
NRIs can soon use UPI by linking their international number to domestic bank accounts
The move is likely to facilitate ease of payments offered by UPI to millions of Indians who are living abroad in the countries mentioned in the NPCI circular
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