Hon’ble PM of India and Singapore witnessed the launch of cross-border linkage between India and Singapore using their respective Fast Payment Systems, viz. Unified Payments Interface (UPI) and PayNow. This linkage will enable users of the 2 fast payment systems in either country to make convenient, safe, instant, & cost-effective cross-border funds transfer using their respective apps. The RBI also notified the banks which are allowed to carry out remittances in both countries.
1. Who can undertake remittance transactions between India and Singapore through the UPI-PayNow linkage?
Account holders of the participating banks and financial institutions in India and Singapore can do cross-border remittance transactions through the UPI-PayNow linkage.
2. Which are the participating banks in India for receiving remittances through the UPI-PayNow linkage?
Currently, participating banks in India for receiving remittances through the UPI-PayNow linkage are:
- Axis Bank
- DBS Bank India
- ICICI Bank
- Indian Bank
- Indian Overseas Bank
- State Bank of India
3. Which banks in India presently enabled sending remittances through the UPI-PayNow linkage?
Banks in India presently enabled for sending remittances through the UPI-PayNow linkage are:
- ICICI Bank
- Indian Bank
- Indian Overseas Bank
- State Bank of India
4. Which apps / platforms can be used for receiving and sending remittances from India to Singapore through the UPI-PayNow linkage?
The list of banks in India, their UPI handles and platforms for receiving and sending remittances are tabulated as following:
Receiving Remittances | Sending Remittances | |||
Banks | UPI Handles Enabled | Featuring Apps | Banks | Apps / Internet banking |
Axis Bank | @axisbank | Axis Pay | ICICI Bank | Internet banking |
DBS Bank India | @dbs | DBS Digibank | Indian Bank | Mobile App (IndOASIS) |
ICICI Bank | @icici | ICICI iMobile | Indian Overseas Bank | Internet banking |
Indian Bank | @indianbank | IndOASIS | ||
Indian Overseas Bank | @iob | BHIM IOB Pay | State Bank of India | Mobile App (BHIM SBI Pay) |
State Bank of India | @sbi | BHIM SBI Pay |
5. Who are the participating entities in Singapore and their Virtual Payment Address (VPA) handles for sending and receiving remittances?
The entities from Singapore enabled for the UPI-PayNow linkage and their VPAs are as follows:
Banks / Non-bank | VPA Handles Enabled |
DBS Bank Singapore | Registered mobile number |
Liquid Group (Non-Bank Financial Institution) | Registered mobile number followed by XNAP (e.g., 123456789XNAP) |
6. Can I receive the remittances in my account with any of the participating banks in India even if my UPI ID is not registered with the same bank?
Presently, the UPI ID registered with the same bank where account is held can only be used.
7. Is there any transaction limit for doing cross-border remittance transactions through the UPI-PayNow linkage?
There is a daily transaction limit of ₹60,000 in a day (equivalent to around SGD 1,000) for undertaking cross-border remittance transactions through the UPI-PayNow linkage.
8. For what purposes can the remittances be sent or received from the either side?
Presently, only Person to Person (P2P) remittances for the purposes of “Maintenance of Relatives Abroad” & “Gift” are allowed.
9. Is there a provision of consent for receiving inward transactions through the linkage?
Yes, there is an opt in / opt out feature in the apps of the participating banks in India for receiving the remittances from Singapore.
10. How much time will it take to perform a transaction using this linkage?
The transactions through UPI-PayNow linkage can be carried out with ease similar to how the domestic transactions through UPI or PayNow take place, and the transaction can be completed within a minute.
11. How would the limits under the Liberalised Remittance Scheme (LRS) apply to this linkage while sending remittances from India?
In the UPI-PayNow linkage transactions, only person to person (P2P) remittances towards the purpose of “Maintenance of Relatives Abroad” & “Gift” under the Liberalised Remittance Scheme (LRS) are allowed, and the prescribed LRS limits would be applicable.
12. Will the UPI-PayNow linkage cover other India banks / financial institutions?
Yes, going forward, the UPI-PayNow linkage can be expected to cover more banks and financial institutions in India.
13. When I will be able to do use my UPI app for doing transaction using the UPI-PayNow linkage?
The participating banks will be rolling-out an update in their respective UPI apps in a phased manner and the customers will have to update their UPI app so as to enable global remittances feature.
These FAQs are issued by the Reserve Bank of India for information and general guidance purposes only. The Reserve Bank or We at Sunil K. Khanna & Co. will not be held responsible for actions taken and / or decisions made on the basis of the same.
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