Money transfers between India-Singapore will soon be possible through UPI.

 

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