RBI Inks Pact To Link UPI With 4 ASEAN Countries For Instant Cross-Border Retail Payments

Home

Business

RBI Inks Pact To Link UPI With 4 ASEAN Countries For Instant Cross-Border Ret...

by Shambhu Datta Mishra

NEWS HIGHLIGHTS

An agreement to this effect was signed by the BIS and the central banks of the founding countries i.e., Bank Negara Malaysia (BNM), Bank of Thailand (BOT), Bangko Sentral ng Pilipinas (BSP), Monetary Authority of Singapore (MAS), and Reserve Bank of India June 30, 2024, in Basel, Switzerland, according to an RBI statement

Mumbai, July 1: Reserve Bank of India (RBI) Monday announced that it has now joined Project Nexus with the four ASEAN countries to create a platform to facilitate instantaneous cross-border retail payments.

Nexus, conceptualised by the Innovation Hub of the Bank for International Settlements (BIS), aims to connect India’s UPI (Unified Payments Interface), with the fast payment systems of ASEAN members -- Malaysia, Philippines, Singapore, and Thailand. These four countries and India would be the founding members and first-mover nations of this platform, the RBI said.

Indonesia, which has been involved from the early stages, continues to be involved as a special observer.

The RBI has been collaborating bilaterally with various countries to link India’s Fast Payments System (FPS) – the Unified Payments Interface (UPI), with their respective FPSs for cross-border Person to Person (P2P) and Person to Merchant (P2M) payments.

“While India and its partner countries can continue to benefit through such bilateral connectivity of Fast Payment Systems, a multilateral approach will provide further impetus to our efforts in expanding the international reach of Indian payment systems,” the RBI said.

The platform can be extended to more countries, going forward. The platform is expected to go live by 2026. Once functional, Nexus will play an important role in making retail cross-border payments efficient, faster, and more cost-effective, the RBI statement added.

(IANS)

Read more: Business news

CM Kejriwal's Judicial Custody Extended Till July 12

by Shambhu Datta Mishra

New Delhi, July 3: A Delhi court Wednesday extended till July 12 the judicial custody of Chief Minister Arvind Kejriwal in connection with the money laundering case linked to the alleged liquor policy scam.

Special Judge Kaveri Baweja of the Rouse Avenue Court passed the order upon the expiry of the previously granted judicial custody.

Earlier in the day, the AAP supremo’s bail plea in a corruption case was mentioned before the Delhi High Court for urgent listing. A bench presided over by Acting Chief Justice (ACJ) Manmohan assured that CM Kejriwal's bail petition will be heard Friday (July 5).

The Delhi High Court Tuesday issued notice on a plea filed by CM Kejriwal challenging his arrest by the CBI. A bench of Justice Neena Bansal Krishna asked the central agency to file its response by July 17 in the matter.

Recently, CM Kejriwal was sent to 14-day judicial custody (till July 12) in a corruption case linked to the same liquor policy scam.

On June 26, the CBI formally arrested the AAP supremo when he was produced before Rouse Avenue Court.

A day before, the Delhi High Court stayed a trial court order granting bail to Kejriwal in the money laundering case saying that the documents and arguments were not appreciated by the lower court.

The Supreme Court, in May, had reserved its verdict on the petition filed by CM Kejriwal challenging his arrest and subsequent remand by the Enforcement Directorate (ED) in the excise policy case. However, he was ordered to be released on 21-day interim bail by the apex court in view of the general elections.

(IANS)

Read more: National news

Close Shave For Passengers Even As Bus Catches Fire In Cuttack

by Pabitra Mohan Senapaty

Cuttack, July 3: Passengers had a miraculous escape today even as a bus in which they were travelling caught fire while running at Khannagar in Cuttack city this afternoon.

The luggage career on the backside of the bus caught fire, the reason of which is yet to be known.

According to the information, the driver was informed about the smoke emanating from the backside by some passengers sitting in the back seats. As soon as the driver stopped the bus, passengers got down one after another.

The bus staff with the help of the locals doused the fire.

The bus had just departed Netaji Bus Terminal towards Pallahada in Angul district.

Team India 'Coming Home'; Set To Meet PM In Delhi, To Have An Open-Top Bus Parade In Mumbai

by Shambhu Datta Mishra

New Delhi, July 3: The ICC Men's T20 World Cup-winning Indian team led by Rohit Sharma are set to arrive home as the players finally left for Delhi after being stranded in Barbados for three days due to Hurricane Beryl.

The T20 World Cup-winning squad, accompanied by its support staff, several BCCI officials, the players' families, and 22 Indian journalists left Barbados around 6 am Wednesday (IST).

Rohit Sharma, Shivam Dube, and Mohammad Siraj gave an update on 'Instagram' of their departure with a picture of them holding the T20 World Cup trophy with the caption, "Coming home."

Upon their arrival in New Delhi, the Indian team will be meeting Prime Minister Narendra Modi around 11 am. Soon after the meeting with the Prime Minister, the team will depart for Mumbai.

A source has confirmed to IANS that in Mumbai, the "BCCI has arranged an open-top bus ride followed by a function at the Wankhede Stadium." The bus ride is expected to be around Marine Drive and is likely to start around 4 pm.

The World Cup winning team was originally scheduled to depart from Barbados at 11 am local time (8:30 PM IST) Monday but the departure was delayed due to Hurricane Beryl, which intensified from category 3 to 5.

(IANS)

RBI Inks Pact To Link UPI With 4 ASEAN Countries For Instant Cross-Border Retail Payments

Download Mobile App