RBI Grade BNABARD ESISEBI
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Context:
NPCI International Payments Ltd. (NIPL), the global subsidiary of NPCI, has announced the inclusion of 13 more Indian banks into the UPI–PayNow linkage between India and Singapore, effective July 17, 2025.
What is the UPI–PayNow Linkage?
- A real-time, cloud-based cross-border remittance system connecting India’s UPI (Unified Payments Interface) with Singapore’s PayNow.
- Launched in collaboration with RBI and Monetary Authority of Singapore (MAS).
- Enables seamless fund transfer using UPI IDs (India) and mobile numbers/VPAs (Singapore).
Total Indian Banks Now Part of UPI–PayNow: 19
Newly Added Banks (13):
“RBI MPC Unpacked: Key Theory Meets Today’s Macro Trends”Tap to play · from the C4S channel
- Bank of Baroda
- Bank of India
- Canara Bank
- Central Bank of India
- Federal Bank
- HDFC Bank
- IDFC FIRST Bank
- IndusInd Bank
- Karur Vysya Bank
- Kotak Mahindra Bank
- Punjab National Bank
- South Indian Bank
- UCO Bank
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Existing Banks (6):
- Axis Bank
- DBS Bank India
- ICICI Bank
- Indian Bank
- Indian Overseas Bank
- State Bank of India
UPI–PayNow Linkage Benefits
| Feature | Description |
|---|---|
| Type | Real-time, cloud-based remittance system |
| Cost | Low-cost, ideal for small-value transactions |
| Security | High-level security infrastructure |
| Interoperability | Between Indian UPI and Singapore’s PayNow platforms |
| Utility | Person-to-person remittances, retail purchases (QR in SG) |
