INSUBCONTINENT EXCLUSIVE:
Bengaluru: After Singapore, the RBI is in talks with several countries, including Indonesia, UAE and Mauritius, for establishing a direct
payment link of the Unified Payments Interface (UPI) with networks in these countries to enable quicker and cheaper fund transfers using
mobile phones.A senior RBI officer told reporters on the sidelines of the meeting of G20 finance ministers and central bank governors that
some Latin American countries have also shown interest
The central bank is showcasing UPI and the Central Bank Digital Currency (CBDC), or the digital rupee, to delegates at the event and also
allowing foreigners to use UPI.The regulator and the government are keen to expand UPI payment links to aid fund transfers and do away with
the high costs charged by banks and reduce the time taken
The move is seen to be especially beneficial for the Indian diaspora.The RBI official said use of UPI for non-resident Indian will also be
operationalised next month, which will allow the use of the tool through international phone numbers
Although the tool was enabled, it could not be implemented due to technical issues.Asked about the central bank digital currency, RBI
officials said they are trying to significantly ramp up the pilot to cover as many cases as possible in a closed user group
not intended to move banks and others away from existing Negotiated Dealing System Gilts order matching system that is there
