Mumbai, Nov. 24 -- The Reserve Bank on Friday said the process of interlinking UPI with the Eurosystem's TARGET Instant Payment Settlement (TIPS) is progressing, and it will continue to collaborate closely with the European Central Bank to operationalise cross-border remittances. Reserve Bank of India has been actively pursuing interlinking of Unified Payments Interface (UPI) with fast payment systems of other jurisdictions to promote cross-border payments. These initiatives are aligned with the G20 Roadmap for enhancing cross-border payments, with a focus on cheaper, efficient, more transparent and more accessible remittances.

Reserve Bank of India and NPCI International Payments Limited (NIPL) have been engaging with European Central B...