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Travellers From G20 Nations Can Use UPI In India: RBI
UPI transactions rose 1.3 percent to a high of nearly Rs 13 lakh crore in January The Reserve Bank on Friday issued instructions permitting travelers from G20 nations to use the mobile-based Unified Payments Interface (UPI) to make payments while in India. UPI is a system that bunches multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing, and merchant payments under a common platform. "Banks/ Non-banks permitted to issue PPIs can issue INR denominated full-KYC PPIs to foreign nationals / NRIs visiting India (to start with, this facility will be extended to travelers from the G-20 countries, arriving at select international airports)," it said in a circular. The instructions have come into force with immediate effect. The G20 or Group of 20 is an intergovernmental forum of the world's major developed and developing economies. It comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US, and the European Union (EU). Source: NDTV #UPI
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