RBI directs financial institutions and NPCI to allow access to UPI to foreign nationals
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The Reserve Bank has directed financial institutions and National Payments Corporation of India, NPCI to allow access to Unified Payments Interface (UPI) to foreign nationals and NRIs visiting India.
In a notification issued from Mumbai today, the facility should currently be extended only to travellers from the G-20 countries, at select international airports for their merchant payments. It added that the facility will gradually be enabled across all entry points in the country.
It may be recalled that RBI, in its recent statement on Developmental and Regulatory Policies issued on Wednesday had proposed to permit all inbound travellers to access UPI for their merchant payments. RBI had said that UPI has become a prevalent payment instrument for retail electronic payments in India. It added that an enhancement has been made to provide UPI access to non-resident Indians who have international mobile numbers linked to their NRE / NRO accounts. RBI has said that the access should be made available with immediate effect.
In a notification issued from Mumbai today, the facility should currently be extended only to travellers from the G-20 countries, at select international airports for their merchant payments. It added that the facility will gradually be enabled across all entry points in the country.
It may be recalled that RBI, in its recent statement on Developmental and Regulatory Policies issued on Wednesday had proposed to permit all inbound travellers to access UPI for their merchant payments. RBI had said that UPI has become a prevalent payment instrument for retail electronic payments in India. It added that an enhancement has been made to provide UPI access to non-resident Indians who have international mobile numbers linked to their NRE / NRO accounts. RBI has said that the access should be made available with immediate effect.
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