After discussions with the European Central Bank on linking UPI with Europe’s TIPS instant payment system, the Reserve Bank of India (RBI) has started the implementation phase of the UPI–TIPS integration in partnership with NPCI International Payments Ltd.

TARGET Instant Payment Settlement, or TIPS, is an instant payment system operated by the Eurosystem, which consists of the European Central Bank and the central banks of eurozone countries. Also Read | RBI’s new gold loan norms force lenders to wind down repledged portfolios

The interlinking of UPI–TIPS will facilitate cross-border remittances between India and the eurozone, and is expected to benefit users on both sides.

“Reserve Bank of India and NIPL will continue to collaborate closely with European Central Bank to operationa

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