ePaisa Payment Gateway: Terms of Reference signed between the Reserve Bank of India and the State Bank of Nepal for the integration of the Unified Payment Interface (UPI) of India with the National Payment Interface (NPI) of Nepal for cross-border remittances

Today, the Reserve Bank of India (RBI) and Nepal Rastra Bank formally signed and exchanged terms for the integration of the fast payment systems of India and Nepal, specifically the Unified Payment Interface (UPI) in India and the National Payment Interface (NPI) in Nepal. The integration is aimed at facilitating cross-border remittances between the two countries through immediate and low-cost fund transfers by users of these systems.

The co-operation between India and Nepal through the UPI-NPI Connected Rapid Payment System (CRPS) will further deepen the financial ties between the two countries and strengthen the long-standing historical, cultural and economic bonds between the two countries.

As per the terms exchanged between the Reserve Bank of India and Nepal Rastra Bank, the relevant systems required for interoperability between UPI and NPI will be put in place. The formal inauguration of this connection, which marks the start of operations, is expected to be completed in due course.