Greek Prime Minister Kyriakos Mitsotakis and PM Modi.
The threat of Indian rupee is continuously increasing in the international market. After countries like Sri Lanka, Mauritius, Bhutan, Nepal, UAE and Canada, now it has become possible to make payment through UPI in Greece also. After this was agreed after the conversation between PM Modi and Greek Prime Minister Kyriakos Mitsotakis, an MoU has also been signed between the two countries. Greece has become the first European country to accept India’s UPI payments. NIPL has signed MoU with Eurobank of Greece to facilitate foreign inward remittances to India.
Under this agreement, both parties will use UPI payments to manage funds settlement, reconciliation and dispute resolution in their respective jurisdictions. This partnership will enable Indian expatriates living in Greece to conveniently make cross-border payments into India through UPI Rail. Let us tell you that apart from Greece, countries like Sri Lanka, Mauritius, Bhutan, Nepal, UAE and Canada have already adopted the UPI system in their countries. NPCI International Payments Limited (NIPL), the international arm of National Payments Corporation of India (NPCI), has signed a Memorandum of Understanding (MoU) with Greece-based Eurobank to facilitate cross-border payments in India through UPI.
Difficulties of migrants across the border will be eased
This agreement between India and Greece will ease the problems of NRIs living on the border. The Indian payments body said in a statement that the agreement will specifically focus on streamlining foreign inward remittances from Greece to India. The MoU was signed during an event at the Embassy of Greece in New Delhi. It was attended by NIPL Chief Executive Officer (CEO) Ritesh Shukla, Eurobank CEO Fokion Karavias and other Greek leaders. Under the agreement, both parties will serve as each other’s point of contact to enable remittances to India. Railway Minister Ashwini Vaishnav has shared this agreement between India and Greece on Facebook.
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