Non-resident Indians (NRI) from ten countries can soon transfer funds online using the unified payments interface (UPI) with their international mobile numbers. NRIs from United States, United Kingdom, Singapore, Canada, Australia, Oman, Qatar, UAE, Saudi Arabia and Hong Kong will have to use Non-Resident (External) Rupee (NRE) or Non-Resident Ordinary (NRO) bank accounts for the same. They can make these digital payments without having to get an Indian mobile number.
- According to the National Payments Corporation of India, accounts like NRE/NRO (Non Resident External and Non resident Ordinary) with international mobile numbers can transact using UPI.
- The Payments Corporation has given partner banks time till April 30th to comply with the directions.
- An NRE account helps NRIs transfer foreign earnings to India, while an NRO account helps them manage the income earned in India.
- The UPI move will help international students, family living abroad and local businesses.