Signing of the TOR to start digital payments between Nepal and India Nepal Rastra Bank and the Reserve Bank of India have signed a Memorandum of Understanding (TOR) to develop an international electronic payment system.
On Thursday, two banks signed an agreement to integrate India’s Unified Payments Interface (UPI) and Nepal’s National Payments Interface (NPI).
Last June, Prime Minister Pushpa Kamal Dahal ‘Prachanda’ and his Indian counterpart Narendra Modi discussed the international electronic payments between Nepal and India. Accordingly, the central banks of the two countries signed the TOR.
It is said that this agreement will pave the way for establishing a smooth, accessible, and secure electronic payment system between Nepal and India. It is also believed to strengthen the historical, cultural, and economic relations between the two countries.
