CURRENT AFFAIRS

Detailed explanation-1: -With this initiative, IndusInd Bank has become the first Indian bank to go live on UPI for Cross Border Payments/NRI Remittances.

Detailed explanation-2: -IndusInd Bank has partnered with the National Payments Corporation to offer real-time cross-border remittances to India using UPI IDs, for its Money Transfer Operator (MTO) partners. It is the first Indian bank to go live on UPI for cross-border payments/NRI remittances.

Detailed explanation-3: -IndusInd Bank partners with NPCI.

Detailed explanation-4: -With the above context in mind, NPCI conducted a pilot launch with 21 member banks. The pilot launch was on 11th April 2016 by Dr. Raghuram G Rajan, Governor, RBI at Mumbai. Banks have started to upload their UPI enabled Apps on Google Play store from 25th August, 2016 onwards.

Detailed explanation-5: -Real-time payments with the Unified Payments Interface (UPI) Developed and launched by the National Payments Corporation of India in 2016, UPI is now one of the most preferred payment solutions in India, with over a billion transactions every month.