Landmark in India-Singapore Digital partnership - Finance Ppl

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Landmark event in India-Singapore Digital partnership/ Cross border payment push

Indian PM Narendra Modi and PM Singapore Lee Hsien Loong, witnessed the launch of  Real-time payments systems linkage between India's Unified Payment Interface (UPI) and Singapore's Pay now through video-conferencing on 21st February 2023. 

The launch was done by RBI Governor Shakthikanta Das, Governer RBI and Ravi Menon, MD, Monetary authority of Singapore.

Singapore is the first country with which India has started a cross-border P2P payment facility. This linkage would facilitate faster and cost-efficient cross border remittances.

An Indian user can send upto Rs.60000/ day  (equivalent to around SGD 1000)
Remittances from singapore constitute for about 5.7% of total remittances to India from foreign countries. (As per RBI Remittances survey 2021).

Supporting banks from India's side: 

Inward & Outward remittances : SBI, IOB, Indian Bank and ICICI
Only Inward Remittances: Axis Bank and DBS.

Supporting banks from Singapore's side: 

DBS Singapore & Liquid Group (Non banking Financial Institution-QR payment services group).