The National Payments Corporation of India (NPCI) has allowed the UPI platform to reach NRI account holders from ten countries with international mobile numbers subject to certain conditions.
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they are NRI People who have bank accounts in India and are living abroad, can soon get International Mobile Numbers on UPI Platform (UPI Platform) Hosted by National Payments Corporation of India (NPCI) NRI accounts from ten countries with international mobile numbers on UPI platform with certain conditions (NRI account holders) are allowed to participate. NRIs with NRE or NRO accounts in these 10 countries will not need an Indian mobile number to transact through the UPI platform.
Which of these ten countries?
As per NPCI circular issued on January 10, 2023, NPCI will allow these countries to:-
|United Arab Emirates
These are the conditions
According to the NPCI circular, NRE or NRO account holders with international mobile numbers will be allowed to register and transact on the UPI platform if these conditions are met.
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- Member banks must ensure that NRE or NRO accounts are licensed only in accordance with the applicable FEMA (Foreign Exchange Management Act) regulations and guidelines issued by the relevant regulatory authorities of the Reserve Bank of India (RBI) issued from time to time. Being watched.
- All necessary anti-money laundering/terrorist financing investigations must be conducted.
- According to NPCI, NRIs need to have an NRE or NRO account to make UPI transactions using their international mobile number.
- NPCI said that as per the current UPI guidelines, all transaction and referral checks will be applicable to accounts with waiting periods, risk rules, etc.
- NPCI has asked all members to comply with this directive by April 30, 2023.
What is UPI?
UPI is a real-time payments system that enables instant money transfers from mobile platforms. You can simply create a UPI ID with a UPI enabled bank account and use it to send/transfer money. In December 2022, payments made through UPI touched a record level of Rs 12.82 lakh crore. In a panel discussion on January 10, 2023, NPCI COO Praveena Rai said that technology platforms are important to ensure a seamless user experience.
TagNational Payments Corporation of India UPI Payments UPI