NPCI will allow payments to be made from mobile numbers having country codes of Singapore, Australia, Canada, Hong Kong, Oman, Qatar, the United States, Saudi Arabia, the United Arab Emirates, and the United Kingdom

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Madhubani,,Bihar,,India,-,August,05,2021:,Money,Sent,Using

NPCI will allow payments to be made from mobile numbers having country codes of Singapore, Australia, Canada, Hong Kong, Oman, Qatar, the United States, Saudi Arabia, the United Arab Emirates, and the United Kingdom

Non Resident Indians (NRIs) in 10 countries will soon be able to use their international phone numbers to access the Unified Payments Interface (UPI).

The National Payments Corporation of India (NPCI) has released new rules that allow NRIs in ten countries to use their international mobile numbers to access UPI services for their NRE or NRO bank accounts.

According to the guideline, the USA, UK, Australia, Singapore, Canada, Hong Kong, Oman, Qatar, the UAE, and Saudi Arabia are the countries in which NRIs have the option of activating a UPI account with the mobile number they use in the particular country without relying on their India mobile phone number.

The NPCI’s order said that the member banks must make sure that such accounts are only allowed in accordance with the rules of the Foreign Exchange Management Act (FEMA) and the guidance given by the RBI’s regulatory departments from time to time. This is to prevent money laundering and terror financing.

The Payments Corporation has granted partner banks until April 30 to comply with the directives.

Edited by Tanmoy Mitra

Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members