Q. 1 Who can undertake remittance transactions between India and Singapore through the UPI-PayNow interlinkage?
Ans. Account-holders of the participating banks and financial institutions in India and Singapore can do the cross-border remittance transactions through the UPI-PayNow interlinkage.
Q. 2 Which are the participating banks in India for receiving remittances through the UPI-PayNow interlinkage?
Ans. Currently, participating banks in India for receiving remittances through the UPI-PayNow interlinkage are:
- Axis Bank
- DBS Bank India
- ICICI Bank
- Indian Bank
- Indian Overseas Bank
- State Bank of India
Q. 3 Which are the banks in India presently enabled for sending remittances through the UPI-PayNow interlinkage?
Ans. Banks in India presently enabled for sending remittances through the UPI-PayNow interlinkage are:
- ICICI Bank
- Indian Bank
- Indian Overseas Bank
- State Bank of India
Q.4 Which apps / platforms can be used for receiving and sending remittances from India to Singapore through the UPI-PayNow interlinkage?
Ans. The list of banks in India, their UPI handles and platforms for receiving and sending remittances are tabulated as following:
| Receiving Remittances | Sending Remittances | |||
| Banks | UPI Handles Enabled | Featuring Apps | Banks | Apps / Internet banking |
| Axis Bank | @axisbank | Axis Pay | ICICI Bank | Internet banking |
| DBS Bank India | @dbs | DBS Digibank | Indian Bank | Mobile App (IndOASIS) |
| ICICI Bank | @icici | ICICI iMobile | Indian Overseas Bank | Internet banking |
| Indian Bank | @indianbank | IndOASIS | ||
| Indian Overseas Bank | @iob | BHIM IOB Pay | State Bank of India | Mobile App (BHIM SBI Pay) |
| State Bank of India | @sbi | BHIM SBI Pay | ||
Q. 5 Who are the participating entities in Singapore and their Virtual Payment Address (VPA) handles for sending and receiving remittances?
Ans. The entities from Singapore enabled for the UPI-PayNow interlinkage and their VPAs are as follows:
| Banks / Non-bank | VPA Handles Enabled |
| DBS Bank Singapore | Registered mobile number |
| Liquid Group (Non-Bank Financial Institution) | Registered mobile number followed by XNAP (e.g., 123456789XNAP) |
Q. 6 Can I receive the remittances in my account with any of the participating banks in India even if my UPI ID is not registered with the same bank?
Ans. Presently, the UPI ID registered with the same bank where account is held can only be used.
Q. 7 Is there any transaction limit for doing cross-border remittance transactions through the UPI-PayNow interlinkage?
Ans. There is a daily transaction limit of ₹60,000 in a day (equivalent to around SGD 1,000 for undertaking cross-border remittance transactions through the UPI-PayNow interlinkage.
Q. 8 For what purposes can the remittances be sent or received from the either side?
Ans. Presently, only Person to Person (P2P) remittances for the purposes of “Maintenance of Relatives Abroad” & “Gift” are allowed.
Q. 9 Is there a provision of consent for receiving inward transactions through the interlinkage?
Ans. Yes, there is an opt in / opt out feature in the apps of the participating banks in India for receiving the remittances from Singapore.
Q. 10 How much time will it take to perform a transaction using this interlinkage?
Ans. The transactions through UPI-PayNow interlinkage can be carried out with ease similar to how the domestic transactions through UPI or PayNow take place, and the transaction can be completed within a minute.
Q. 11 How would the limits under the Liberalised Remittance Scheme (LRS) apply to this interlinkage while sending remittances from India?
Ans. In the UPI-PayNow interlinkage transactions, only person to person (P2P) remittances towards the purpose of “Maintenance of Relatives Abroad” & “Gift” under the Liberalised Remittance Scheme (LRS) are allowed, and the prescribed LRS limits would be applicable.
Q. 12 Will the UPI-PayNow interlinkage cover other India banks / financial institutions?
Ans. Yes, going forward, the UPI-PayNow interlinkage can be expected to cover more banks and financial institutions in India.
These FAQs are issued by the Reserve Bank of India for information and general guidance purposes only. The Reserve Bank will not be held responsible for actions taken and / or decisions made on the basis of the same.
