The National Payments Corporation of India (“NPCI”) on 10th January, 2023 issued guidelines permitting NRIs in 10 countries to access UPI services with their international mobile numbers for bank accounts which are classified as Non Resident External (“NRE”) or Non Resident Ordinary (“NRO”) accounts.
This could be huge step to boost Indian economy. Also, it will enable NRIs to send money to their family members in India without facing huge bank charges even for small money transfers.
Initially, NRI living in Singapore, Australia, Canada,Hong Kong, Oman, Qatar, USA, Saudi Arabia, UAE, UK will get the benefit of this facility.