UPI and PayNow are now linked to enable fund transfers between India & Singapore
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- Last Updated on 24 February, 2023
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Press Release: 2022-2023/1762, Dated 21.02.2023
The Hon’ble PM of India and Singapore witnessed the launch of cross-border linkage between India and Singapore using their respective Fast Payment Systems, viz. Unified Payments Interface (UPI) and PayNow. This linkage will enable users of the 2 fast payment systems in either country to make convenient, safe, instant, & cost-effective cross-border funds transfer using their respective mobile apps.
Currently, the SBI, IOB, Indian Bank and ICICI Bank will facilitate both inward and outward remittances while Axis Bank and DBS India will facilitate inward remittances. For Singapore users, the service will be made available through DBS-Singapore and Liquid Group (a non-bank financial institution).
Further, customers of the above participating banks can undertake cross-border remittances to Singapore using the bank’s mobile banking app/internet banking. To begin with, an Indian user can remit up to ?60,000 in a day (equivalent to around SGD 1,000).
In the UPI-PayNow linkage transactions, only person to person (P2P) remittances towards the purpose of “Maintenance of Relatives Abroad” & “Gift” under the Liberalised Remittance Scheme (LRS) are allowed, and the prescribed LRS limits would be applicable.
Also, at the time of making the transaction, the system shall dynamically calculate and display the amount in both the currencies for convenience of the user.
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