In a virtual ceremony, Prime Minister Narendra Modi presided over the expansion of India's Unified Payment Interface (UPI) services to Sri Lanka and Mauritius. The event, held on Monday, saw the participation of top officials from both island nations, including Mauritian Prime Minister Pravind Jugnauth and Sri Lanka's President Ranil Wickremesinghe. Indian Foreign Minister S Jaishankar and Reserve Bank of India (RBI) Shaktikanta Das and other officials of the three countries were present.
The move marks a significant step in India's bilateral economic relations with Sri Lanka and Mauritius. The expansion of UPI services enables the seamless settlement of payments for Indian nationals traveling to Sri Lanka and Mauritius, as well as for Mauritian nationals visiting India.
To watch the video of the launch of India’s Digital Payments Connectivity, click here
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This development underscores India's commitment to fostering stronger economic ties with its neighbouring countries, facilitating smoother financial transactions and enhancing connectivity in the region.
Modi addressed the collaboration between India, Sri Lanka, and Mauritius, marking a significant milestone in their historic relations as they embrace modern digital connectivity. Highlighting the event, the Prime Minister noted the government's unwavering commitment to people-centric development.
Focusing on the fintech sector, Modi underscored how enhanced connectivity would bolster cross-border transactions and relationships. He emphasised the transformative role of India's UPI, which now extends its reach to unite partners with India.
The prime minister lauded the impact of digital public infrastructure in India, where even the most remote vendors engage in transactions through UPI, facilitating seamless digital payments. He highlighted the staggering scale of UPI transactions, with over 100 billion transactions valued at Rs 2 lakh crores last year, equivalent to 8 trillion Sri Lankan rupees or 1 trillion Mauritius rupees.
Moreover, Modi outlined the last-mile delivery system through the integration of bank accounts, Aadhar, and mobile phones, which has facilitated the transfer of Rs 34 lakh crores (nearly 400 billion US dollars) to beneficiary accounts. He also commended India's CoWin Platform for orchestrating the world's largest vaccination drive, demonstrating the transformative power of technology in fostering transparency, curbing corruption, and promoting societal inclusivity.
Underscoring India's 'Neighborhood First' policy, the Prime Minister reiterated the nation's commitment to its maritime vision, SAGAR (Security and Growth for All in the Region), emphasizing the inseparability of India's development from that of its neighbors.
On February 2, UPI service was officially inaugurated at the iconic Eiffel Tower in France during the Republic Day Reception. The Indian Mission in France shared the update on the social media platform X (formerly Twitter), highlighting that this initiative is a step towards Prime Minister Narendra Modi's vision to take UPI global.