23 February, 2023

UPI-PayNow Interlinkage: Key Points

By Shubhra Rani

India's UPI (Unified Payments Interface) and its equivalent in Singapore called PayNow are integrated now on February 21, 2023.
Banks in India for receiving and sending remittances are ICICI Bank, Indian Bank, Indian Overseas Bank, State Bank of India.
Presently, the UPI ID registered with the same bank where account is held can only be used. Transaction limit is Rs.60,000 in a day.
The purpose of “Maintenance of Relatives Abroad” & “Gift” under the Liberalised Remittance Scheme (LRS) are allowed.

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