National Payments Corporation of India
♦ NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), and BENEFIT, Bahrain’s leading fintech and electronic financial transactions company, have entered into a partnership to enable real-time cross-border remittances between India and Bahrain. ♦ This new partnership connects India’s Unified Payments Interface (UPI) with Bahrain’s Electronic Fund Transfer System (EFTS), specifically through the Fawri+ service, enabling users in both countries to send and receive money instantly and securely. ♦ The collaboration, developed under the guidance of the Reserve Bank of India and the Central Bank of Bahrain, represents a key milestone in strengthening financial connectivity and promoting digital financial inclusion between the two countries. ♦ It reflects the shared vision of both sides to enhance cooperation in the area of fintech and digital payments. ♦ During the state visit of Prime Minister Narendra Modi to Bahrain in August 2019, an MoU between NPCI and BENEFIT was signed. ♦ Building on this foundation, the 4th India-Bahrain High Joint Commission Meeting held in December 2024 reaffirmed both sides’ intent to work towards closer collaboration in the fintech and digital payments sector.