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.
Denne historien er fra February 22, 2023-utgaven av Mint Mumbai.
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Denne historien er fra February 22, 2023-utgaven av Mint Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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