India’s Unified Payments Interface (UPI) is now linked with Singapore's fast payment system PayNow to allow faster and low-cost fund transfers between India and Singapore. Citizens of both nations will be able to use their local payment systems to transfer money in real-time.
As of now, the State Bank of India, Indian Overseas Bank, Indian Bank, and ICICI Bank will facilitate inward and outward remittances while Axis Bank and DBS India will support inward remittances. For Singapore users, DBS Singapore and Liquid Group will make the service available. More banks will be included in the linkage over time. As per RBI, an Indian user can remit up to ₹60,000 (approximately 1000 Singapore dollars) a day.
The new linkage was launched by Reserve Bank of India’s (RBI) governor Shantikanta Das and the Monetary Authority of Singapore’s (MAS) managing director Ravi Menon, in the presence of India and Singapore’s Prime Ministers Narendra Modi and Lee Hsien Loong, respectively.
A new milestone in India-Singapore relations as we link real-time digital payments systems.