RBI announces interlinking of UPI with TARGET Instant Payment Settlement of Eurosystem

Reserve Bank of India (RBI) stated today that the central bank and NPCI International Payments Limited (NIPL) have been engaging with European Central Bank on the initiative to connect UPI with the TARGET Instant Payment Settlement (TIPS), the instant payment system operated by the Eurosystem. Following constructive and sustained engagement, both sides have agreed to start the realisation phase for the UPITIPS link. The proposed UPITIPS interlinkage aims to facilitate cross-border remittances between India and the Euro Area and is expected to benefit users of both jurisdictions. Reserve Bank of India and NIPL will continue to collaborate closely with European Central Bank to operationalize the UPITIPS link, including technical integration, risk management and settlement arrangements.

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