Image Source: Deccan Herald
Key Highlights
• NPCI International has announced the onboarding of 13 additional Indian banks to the UPI-PayNow cross-border payment network, bringing the total participating Indian banks to 19. This move expands remittance reach and financial connectivity between India and Singapore, effective July 17, 2025.
• Enabled as a collaboration between the Reserve Bank of India and the Monetary Authority of Singapore, this linkage simplifies instant, secure, and cost-effective money transfers for individuals, particularly benefitting the Indian diaspora, migrant workers, and students in Singapore.
• Users in either country can now remit funds to a much wider pool of recipients or senders using just a mobile number or Virtual Payment Address (VPA), supported by most UPI-enabled apps and select bank applications.
Expanded Access: Which Banks Are Now Included?
The expanded network for remittances to India now includes these 19 banks:
• Axis Bank
• Bank of Baroda
• Bank of India
• Canara Bank
• Central Bank of India
• DBS Bank India
• Federal Bank
• HDFC Bank
• ICICI Bank
• IDFC FIRST Bank
• Indian Bank
• Indian Overseas Bank
• IndusInd Bank
• Karur Vysya Bank
• Kotak Mahindra Bank
• Punjab National Bank
• South Indian Bank
• State Bank of India
• UCO Bank
Remittance Features and Benefits
• Recipients in India can receive funds from Singapore directly into their bank accounts via any of these banks using top UPI apps such as BHIM, Google Pay, and PhonePe.
• Outward remittances from India to Singapore are supported through seven banks including Canara Bank, HDFC Bank, Karur Vysya Bank, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India. In Singapore, the service is available to customers of DBS SG and Liquid Group.
• The upgrade offers a secure, scalable, and real-time payment channel designed for small and frequent transactions, further positioning UPI-PayNow as a pioneering global cross-border payments corridor.
• Funds are typically credited within seconds, making this service ideal for everyday remittances and personal transfers.
Broader Impact and Forward Path
• This expansion is set to further democratize digital payments for the Indian community abroad, promote international adoption of India’s homegrown UPI system, and support seamless economic relations.
• The linkage also strengthens NPCI’s international ambitions, following acceptance at select merchant outlets in Singapore via QR payments.
Sources: Upstox, Business Standard, CNBC TV18
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