Nepal, India launch digital remittance service for migrant workers
Summary
Nepali and Indian citizens working across borders can now transfer money directly via integrated banking apps through a new digital remittance service linking Nepal's NPI with India's UPI, enhancing security and reducing costs.
Key Points
- Nepali and Indian migrant workers can now send money directly using integrated banking applications through a new digital remittance service.
- Nepal Clearing House Limited (NCHL) and India's National Payments Corporation (NPCI) linked Nepal’s National Payments Interface with India’s Unified Payments Interface.
- The service allows transfers from India to Nepal up to INR 200,000 per transaction and from Nepal to India up to INR 15,000 per transaction.
- The initiative aims to reduce reliance on informal money transfer systems like hundi, enhancing security and transparency for migrant workers.
- Currently, eight Nepali banks are connected to the system with plans to onboard all banks and financial institutions over time.
