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The Reserve Bank of India (RBI) and Nepal Rastra Bank (NRB) have signed and exchanged the Terms of Reference to integrate India’s Unified Payments Interface (UPI) with Nepal’s National Payments Interface (NPI). This collaboration will enable seamless, instant, and low-cost cross-border remittances between the two countries, allowing users of both systems to transfer funds efficiently.
The UPI–NPI linkage marks a significant step in strengthening digital financial connectivity between India and Nepal. It reinforces the long-standing historical, cultural, and economic ties shared by the two nations and opens the door to smoother digital transactions for individuals and businesses.
With the Terms of Reference now formalized, both central banks will begin putting the required systems and infrastructure in place for the integration. The operational launch of the cross-border payment facility will be announced at a later stage.
[RBI]