MoU signed with Greek bank to facilitate remittances to India using UPI

NPCI International Payments Limited (NIPL), a subsidiary of the National Payments Corporation of India (NPCI), has entered into a Memorandum of Understanding (MoU) with Eurobank, a leading Greek bank, to enhance cross-border payments through the Unified Payments Interface (UPI) platform. This collaboration aims to streamline remittances from Greece to India, positioning Greece as one of the first European countries to enable quick and seamless remittances for the Indian diaspora using UPI rails. The MoU signed at the Embassy of Greece in New Delhi, establishes a strategic alliance for facilitating foreign inward remittance transactions between the two nations.

Eurobank’s CEO, Mr. Fokion Karavias, expressed the strategic commitment to becoming the preferred bank for Indian businesses in Greece or Cyprus, serving as an entry point for their EU franchise. CEO of NIPL, Mr. Ritesh Shukla, highlighted the versatility of UPI in the international financial landscape, foreseeing strengthened economic ties between India and Greece through enhanced remittance flows. India, a leader in fintech innovation, has actively shared its experiences and innovations globally, with the UPI system registering a record 100 billion transactions valued at US$ 24.1 billion (Rs. Two trillion) in 2023. This collaboration further aligns with India’s aim to extend the benefits of UPI to partner countries, following successful partnerships with Sri Lanka, Mauritius, France, UAE, and Singapore in emerging fintech and payment solutions.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.