The partnership between NPCI International and Nepal Clearing House introduces an instant, cross-border remittance facility to enhance money transfers from India to Nepal for overseas workers and families.
In a significant development for cross-border financial transactions, NPCI International Payments Limited (NIPL) and Nepal Clearing House Limited (NCHL) have jointly launched a real-time cross-border remittance link connecting India and Nepal. This initiative enables instant money transfers, facilitating more efficient and secure fund transfers between the two countries. This service is particularly aimed at benefiting overseas workers and their families who rely heavily on remittance inflows. By leveraging the existing Unified Payments Interface (UPI) infrastructure, the link ensures immediate settlement, transparency, and ease of use. Officials from both organizations have underscored the importance of this platform in strengthening financial connectivity, reducing transaction times, and lowering costs associated with remittances. This advancement is expected to contribute positively to economic ties and support developmental objectives in Nepal, a country where remittances form a vital part of the economy.
Sources referenced:
- https://news.google.com/rss/articles/CBMi0gFBVV95cUxOZGNOcUxKeThpUktMZFRZTkE2WmpMV3BZVjY0OS11UjRxY0FBSUpuZV9iRDFvN2ZNdXJ2X1FjUXhQc1hzN0hFQ09Id2l6VWVPQWVVeWRnQmw1V2s3THNzaklLWkNDaHlTbTFCZFZNdFZGeWNQTlpuR0VJTzZGeG5zOUxudmROTGRIRGt2S2xrTy1RM3ZFZHY2WkNuWnlhVE5NcGVqSnliQlNXY0dyVWhCQzV4NU5WS1puLVNLUER6d2IzdUlTQUZNQUNnZzgzaEdaX1E