India and Nepal Launch Cross-Border Remittance Mechanism Linked to UPI and NPI Systems

India and Nepal on Saturday launched a cross-border personal remittance facility linking India's Unified Payments Interface (UPI) with Nepal's National Payments Interface (NPI), as per news reports. 

 The announcement was made during talks between External Affairs Minister S Jaishankar and Nepal's Foreign Minister Shishir Khanal in New Delhi.  

The Peer-to-Peer (P2P) linkage is to facilitate personal fund transfers between users in the 2 neighbouring countries. 

Talks Cover Key Areas 

The meeting reviewed cooperation in development projects, connectivity, trade, transit, energy and people-to-people exchanges.  

According to the Ministry of External Affairs (MEA), both sides also exchanged views on regional and multilateral issues and took stock of progress made across different sectors. 

Agreements Signed 

Alongside the ministerial talks, Digital India Bhashini and Kathmandu University signed a memorandum of understanding to jointly develop a national digital infrastructure for a voice-first language translation platform in Nepal. 

The 2 countries also welcomed the completion of internal procedures for the India-Nepal Mutual Legal Assistance Agreement in Criminal Matters.  

The agreement is expected to provide a legal framework for cooperation in investigations, prosecutions and judicial proceedings involving cross-border crimes. 

Reconstruction Assistance 

India handed over 72 health facilities and 12 cultural heritage projects completed under its post-2015 Earthquake Reconstruction Assistance programme for Nepal.  

The projects were developed as part of reconstruction efforts following the 2015 earthquake. 

Khanal, who arrived in New Delhi on Friday for a 3-day visit, also met National Security Adviser Ajit Doval.  

The meeting concluded with both countries reiterating their commitment to engagement in sectors including digital technology, financial technology, innovation and capacity building alongside traditional areas of cooperation. 

Read More: RBI Raises FY27 Inflation Forecast To 5.1% On Higher Crude Oil Assumptions! 

Conclusion  

The meeting concluded with India and Nepal reaffirming cooperation in areas including connectivity, digital technology, trade, legal assistance and development partnerships. 

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