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The Reserve Bank of India (RBI) and Nepal Rastra Bank (NRB) on Thursday signed and exchanged terms of reference for integration of Unified Payments Interface (UPI) of India and National Payments Interface (NPI) of Nepal, respectively.

The integration of the fast payment systems is aimed at facilitating cross-border remittances between India and Nepal by enabling users of the two systems to make instant, low-cost fund transfers, according to an RBI statement.

The collaboration between India and Nepal in linking their fast payment systems through the UPI-NPI linkage will further deepen financial connectivity and reinforce the enduring historical, cultural and economic ties between the two countries, it said.

Based on the terms of reference exchanged between RBI and NRB, the necessary systems will be put in place for interlinking of UPI and NPI. The formal launch of the operations will be done at a later date, the statement added