Initially, the UPI-PayNow link will feature only a handful of banks and can be used only for person-to-person transactions. Customers of State Bank of India, Indian Overseas Bank, Indian Bank and ICICI Bank will be able to both send and receive money, while those of Axis Bank and DBS India can only receive money in their accounts. More banks will be added over time.
"To begin with, an Indian user can remit up to ₹60,000 a day (equivalent to around SGD 1,000). At the time of making the transaction, the system shall dynamically calculate and display the amount in both currencies for the convenience of the user," the Reserve Bank of India said in a statement.
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