Unified Payments Interface (UPI)
Just a week after Greek Prime Minister Kyriakos Mitsotakis visited India, a major Greek bank Eurobank and NPCI International Payments Limited (NIPL), a subsidiary of National Payments Corporation of India (NPCI) signed a Memorandum of Understanding (MoU) towards using the UPI platform for cross-border payments.
The official joint statement issued on Thursday reads, “The understanding is aimed at revolutionising the process of international money transfers, with a specific focus on streamlining remittances from Greece to India.”
“The MoU was signed at the Embassy of Greece in New Delhi by Ritesh Shukla, CEO of NIPL, and Fokion Karavias, CEO of Eurobank, in the presence of Kostas Fragogiannis, Deputy Minister of Foreign Affairs of Greece, Maira Myrogianni, Secretary General for International Economic Affairs of Greece and Chairperson, Enterprise Greece, and Sanjay Tugnait, President and CEO of Fairfax Digital Services,” the statement added.
This lays the foundation for a major strategic alliance where both nations can take part to enhance quick and seamless transactions using the UPI interface.
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