The launch of cross-border UPI payment transfers between Nepal and India introduces a streamlined way for remittances with specified transaction limits, fee structures, and eligibility criteria.
Recently, the cross-border Unified Payments Interface (UPI) transfer system between Nepal and India has gone live, allowing for seamless digital transactions across their shared border. This development is significant for Nepalese migrant workers in India and their families, facilitating quicker and easier remittance sending. The system operates under certain limits on transaction amounts, with specified fees applied per transfer. Eligibility requirements include having bank accounts linked to UPI in both countries. Official sources indicate this initiative aims to simplify cross-border money transfers and enhance financial inclusion for workers sending money home from India to Nepal.
Sources referenced:
- https://news.google.com/rss/articles/CBMid0FVX3lxTFA3VzdwVEdxeDU3RDhjSlRydWxFRFNHVzBLMzYxMjRhcW04SGd1dDlQbFlya1VMd0Q5QkhkR3JOZlhBdFViRzBQRGo5TTFLZ0FEVUFFODlQNnFuS0l5S0lLWlFsMlRsOEtnWGRIaF8xdTI0amt1b3BB
