Money can be transferred from India to Singapore
using mobile phone numbers and from Singapore to India using UPI virtual
payment addresses under the proposed linkage (VPA), through this
initiative.
India and Singapore are all set to link their respective fast payment
systems, Unified Payments Interface (UPI) and PayNow, to enable easy
fund transfers between the countries at the lowest possible cost,
India’s High Commissioner in Singapore P Kumaran said.
UPI:Unified Payments Interface is an instant real-time payment system
developed by National Payments Corporation of India. The interface
facilitates inter-bank peer-to-peer and person-to-merchant transactions.
It is used on mobile devices to instantly transfer funds between two
bank accounts.
India's Central Bank : Reserve Bank of India (RBI), the Reserve Bank of India, chiefly known as RBI, is India's
central bank and regulatory body responsible for regulation of the
Indian banking system. It is under the ownership of Ministry of Finance,
Government of India. It is responsible for the control, issue and
maintaining supply of the Indian rupee.
Founded on : 1935 April -1
RBI Governor : Shaktikanta Das
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