Latest NewsFacilitate Money Transfer Through UPI-PayNow linkage: SBI, ICICI Bank, 2 More Banks

Facilitate Money Transfer Through UPI-PayNow linkage: SBI, ICICI Bank, 2 More Banks

UPI-PayNow linkage: Money transfers between India and Singapore using the UPI-PayNow linkage will be facilitated by State Bank of India, Indian Overseas Bank, Indian Bank, and ICICI Bank.

The Reserve Bank of India (RBI) stated in a release that while these lenders will assist with both inward and outward remittances, Axis Bank and DBS India will only do so for inward remittances.

It stated that “more banks would be added in the relationship over time.”DBS-Singapore and Liquid Group will offer the service to customers in Singapore (a non-bank financial institution).

What amount of cash may you send or receive each day?

Customers of the participating banks can send money across borders to Singapore via their bank’s mobile banking app or online banking, according to the RBI.

UPI-PayNow linkage
UPI-PayNow linkage

Each Indian user will initially be able to send up to Rs 60,000 (SGD 1000) per day. According to the RBI, the system would dynamically calculate and show the amount in both currencies at the time of the transaction for the user’s convenience.

In what ways may I move money from SBI to Icici?

Choose the “Inter Bank Transfer” link under the “Payments/Transfers” page to send money to the Inter Bank Payee via RTGS or NEFT. Choose the RTGS or NEFT transaction type. The list of newly added beneficiary accounts is shown. Input the desired amount and choose the beneficiary from the list to get the credit.

How many UPI banks can one manage?

NPCI also oversees its own app, BHIM, in addition to a number of third-party ones like Google Pay (formerly Tez), Airtel Payments Bank, PhonePe, Paytm, MobiKwik, Amazon Pay, Samsung Pay, and WhatsApp Pay. Between April 2016 and February 2022, the total number of banks connected to the UPI platform increased from 21 to 304.

Complete List of Banks Participating

State Bank of India, Indian Overseas Bank, Indian Bank, and ICICI Bank would facilitate both inbound and outbound remittances, the Central Bank of India announced. Axis Bank and DBS India will make international transfers easier (from Singapore to India). According to the RBI, DBS-Singapore and Liquid Group would provide the service to users in Singapore (a non-bank financial institution).

How can I transfer money instantly across banks?

You can send money directly to another person’s bank account or shift money between your own bank accounts at various institutions via an ACH transfer. Moreover, ACH can be used to pay bills or receive money, such as a paycheck from your employment. The processing time for ACH transfers is normally one to five business days.

Can I move money from my SBI account to another one?

You can transfer money through IMPS, NEFT, and RTGS to another bank account. Based on the amount, the timing, and the recipient type, YONO makes an informed decision on the transfer mechanism.

One UPI ID can have two bank accounts.

The National Payment Corporation of India developed the payment system known as the Unified Payment Interface (UPI) (NPCI). The platform allows users to add various bank accounts that are registered with the same mobile number under a single application and conduct transactions around-the-clock.

Conclusion

In conclusion, the availability of UPI-PayNow linkage services with SBI, ICICI Bank, and 2 more leading banks has made the process of transferring money much more effortless and convenient for their customers. With the increasing popularity of digital payments in India, UPI-Pay has emerged as a reliable and secure payment system that enables instant fund transfers between bank accounts. The ease of use, safety, and security offered by UPI-Pay make it a preferred choice for millions of users across the country. As more and more banks continue to adopt UPI-Pay, we can expect to see a further increase in the adoption of digital payments in India.


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