There has been a big relief news for the people living in India. Especially for families that a member works in Singapore. Now sending money between India and Singapore has become easier than ever. The international branch of the National Payments Corporation of India (NPCI) has added 13 more banks to the UPI-Payitance Network. This facility will start tomorrow from 17 July 2025.
Till now this network included few banks like Axis Bank, SBI, ICICI, Indian Bank, Indian Overseas Bank and DBS Bank. But now 13 names like Bank of Baroda, Canara Bank, Federal Bank, Kotak Mahindra Bank, HDFC Bank, UCO Bank, IDFC First Bank, and IndusInd Bank have been added to it.
After this expansion, 19 banks have now become part of this Remittens Network. This will make it easier for overseas Indians to transfer Singapore funds from Singapore to India and India.
The UPI-Penau service started was a joint initiative of RBI in India and Monetary Authority of Singapore. Its purpose is to provide transactions in safe, fast and economical way to citizens of both countries. Now Indian families will be able to get money directly from their relatives in these banks, while the facility of Singapore fund transfer from India will also be available through banks like Canara Bank, HDFC Bank, Karur Vaishya Bank, and SBI. This step will promote digital transactions between the two countries and make financial transactions more simplified for overseas Indians.