New Delhi, Nov. 21 -- In a significant move, the Reserve Bank of India (RBI) on Friday has announced the interlinking of Unified Payments Interface (UPI) with the TARGET Instant Payment Settlement (TIPS) of the Eurosystem.

The proposed UPI-TIPS interlinkage aims to facilitate cross-border remittances between India and the Euro Area and is expected to benefit users of both jurisdictions, the RBI said in a statement.

Reserve Bank of India and NPCI International Payments Limited (NIPL) have been engaging with European Central Bank on the initiative to connect UPI with the TARGET Instant Payment Settlement (TIPS), the instant payment system operated by the Eurosystem, it added.

Notably, the Reserve Bank of India has been actively pursuing ...