The North New
New Delhi, November 22
The Reserve Bank of India (RBI) has announced that India and the European Central Bank (ECB) will begin work on linking India’s Unified Payments Interface (UPI) with the Eurozone’s TARGET Instant Payment Settlement (TIPS) system. The initiative, part of a wider effort to expand UPI’s global reach, aims to simplify and speed up cross-border remittances between India and countries using the euro. The RBI said the move aligns with the G20 roadmap to make international payments cheaper, faster and more transparent.
According to the RBI, the decision follows “constructive and sustained engagement” between RBI, the European Central Bank and NPCI International Payments Limited (NIPL). Both sides have now agreed to launch the realisation phase, marking a formal step toward establishing the digital payments link. The proposed UPI–TIPS connection is expected to benefit users in both regions by enabling secure, low-cost and instant transfers.
The RBI said it will continue working with NIPL and the ECB on technical integration, risk management and settlement processes necessary for full operational rollout.
