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State Bank of India (SBI), one of the banking partners roped in for inward and outward remittances that can be carried out through the UPI-PayNow linkage, has rolled out BHIM SBIPay, a mobile application that will facilitate fund transfers from India to Singapore through registered mobile numbers and from Singapore to India using UPI ID.
The linkage became operational earlier this week (Tuesday) and is aimed at making cross border transfer between the two countries safe, instant, and cost-effective.
This initiative closely aligns with the G20’s priorities of driving faster, cheaper, and more transparent cross-border payments, the public sector lender said in a statement.
The inward bilateral remittance between Singapore and India is about $949 million as of 2021 (according to World Bank Bilateral Remittance Matrix December 2022).
Other than SBI, Indian Bank, ICICI Bank and Indian Overseas Bank have been roped in for inward and outward remittances while Axis Bank and DBS India will facilitate inward remittances only.
“We are glad to be associated with this path breaking initiative. This will go a long way in boosting the digitization initiatives of the Government and provide easy, seamless cross-border payment facility to the users”, said Dinesh Khara, Chairman, SBI.
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