India and Singapore sign pact for instant flow of retail payments

RBI, MAS ink pact to link UPI and PayNow; may operationalise by July 2022

digital payments, online, mobile, smartphone, ncpi, upi, fintech

India is the largest recipient of inbound remittances across the globe accounting for 15 per cent of the global share

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

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First Published: Sep 14 2021 | 8:06 PM IST

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