NRIs permitted to avail UPI service linked to NRE/NRO accounts

The concept of a Unified Payments Interface (UPI) was first introduced in August 2016, which powered multiple bank accounts into a single mobile application (of any participating bank) and merged several banking features, seamless fund routing, and merchant payments under a single system. This system is unique only to India that allows instant real-time settlements to facilitate inter-bank transactions through mobile phones.

Any resident Indian with an Indian contact number and bank account could generate a UPI ID and use that UPI ID while transacting from various apps available in the ecosystem. However, NRIs having an international number were excluded from the service of UPI for their NRO (*Non-Resident Ordinary)/ NRE (*Non-Resident External) account.

Join our mailing list To receive our latest insights

Enquire Now

Or

Reach out to us at ThinkNext@nexdigm.com