Come July 2022, people in India and Singapore can transfer money to each other in an instant, a major step towards full currency convertibility for the Indian rupee.
The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) on Tuesday said they would link their respective fast payments systems — Unified Payments Interface (UPI) and PayNow — to enable users to make low-cost fund transfers between the two countries. UPI, developed by National Payments Corporation of India, facilitates instant money transfer and payments through mobile phones. ...
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