Department of Posts and NPCI International Payments Limited Sign Agreement to Revolutionize Inward Remittances to India

Department of Posts and NPCI International Payments Limited Sign Agreement to Revolutionize Inward Remittances to India

The Department of Posts (DoP), Ministry of Communications, Government of India, and NPCI International Payments Limited (NIPL), the international arm of National Payments Corporation of India, today announced the signing of a Non-Disclosure Agreement (NDA) to collaborate on a groundbreaking initiative that aims to transform inward remittances to India. This partnership will leverage the power of the Unified Payments Interface (UPI) and the Universal Postal Union (UPU) Interconnection Platform (IP) to create a seamless, secure, and affordable remittance channel for the Indian diaspora worldwide.

Mr. LK Dash, DDG (International Relations and Global Business), Department of Posts, and Mr. Ritesh Shukla, CEO, NPCI International Payments Limited (NIPL), exchange the signed NDA during the official ceremony

This collaboration marks a significant step towards modernizing cross-border payment services and enhancing financial inclusion for millions of Indians. By integrating UPI with the postal network, this initiative aims to provide a convenient and accessible alternative to traditional remittance methods, reducing costs and improving efficiency for senders and beneficiaries.

Key benefits of this collaboration include:

“We are thrilled to partner with NIPL on this innovative project,” said Mr LK Dash, Deputy Director General, International Relations and Global Business, Department of Posts. “This collaboration aligns with our commitment to providing accessible and affordable financial services to all citizens, including the Indian diaspora. By leveraging the UPU Interconnection Platform and the UPI network, we are confident that we can create a truly transformative remittance solution.”

Mr. Ritesh Shukla , CEO – NPCI International Payments Limited (NIPL), added, “NIPL is committed to expanding the reach of UPI globally and enabling seamless cross-border payments. We believe that this partnership with the Department of Posts will unlock significant opportunities for financial inclusion and enhance the remittance experience for millions of Indians worldwide.”