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RBI and NPCI to Link UPI with Europe’s Instant Payment System

India’s central bank and national payment corporation initiate efforts to connect Unified Payments Interface with Europe’s real-time payment infrastructure.

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Terms & Concepts
  • RBI (Reserve Bank of India): India’s central banking institution responsible for regulating monetary policy and overseeing the country’s financial system.
  • NPCI (National Payments Corporation of India): An organization that operates retail payment and settlement systems in India, including the Unified Payments Interface.
  • UPI (Unified Payments Interface): A real-time payment system in India allowing instant money transfers between bank accounts via mobile devices.