MoU with Greek Bank to Enable India Remittances via UPI
NPCI International Payments Limited (NIPL) and Eurobank have inked a Memorandum of Understanding (MoU) to enhance cross-border payments utilizing the UPI platform. This collaborative effort, unveiled a week after Greek Prime Minister Kyriakos Mitsotakis' visit to India and bilateral discussions with Prime Minister Narendra Modi, aims to revolutionize international money transfers, focusing on simplifying remittances from Greece to India.
The MoU signing ceremony took place at the Embassy of Greece in New Delhi, where Ritesh Shukla, CEO of NIPL, and Fokion Karavias, CEO of Eurobank, formalized the agreement in the presence of notable dignitaries, including Kostas Fragogiannis, Deputy Minister of Foreign Affairs of Greece, Maira Myrogianni, Secretary General for International Economic Affairs of Greece and Chairperson, Enterprise Greece, and Sanjay Tugnait, President and CEO of Fairfax Digital Services.
The MoU establishes the groundwork for a strategic alliance, positioning both entities as key contacts to facilitate foreign inward remittance transactions from Greece to India.
In accordance with the joint press release, this initiative aims to make Greece one of the pioneering European nations enabling quick and seamless remittances from the Indian diaspora in Greece to India using UPI rails.
Fokion Karavias, CEO of Eurobank, highlighted that the strategic alliance aligns with Eurobank's commitment to becoming the preferred bank for Indian businesses looking to establish themselves in Greece or Cyprus, serving as an entry point for their EU franchise.
Ritesh Shukla, CEO of NIPL, emphasized that the collaboration showcases the versatility and strength of UPI in the international financial landscape, paving the way for strengthening economic ties between India and Greece through enhanced remittance flows.
India, recognized as a fintech innovation leader, has placed a strong emphasis on sharing its development experiences and innovations with partner countries. The UPI system, a mobile-based fast payment platform, has gained immense popularity for round-the-clock instant payments, with a record-breaking 100 billion transactions valued at Rs 2 trillion in 2023.
The Indian government's focus on ensuring UPI's benefits extend beyond its borders is evident in partnerships with countries such as Sri Lanka, Mauritius, France, UAE, and Singapore on emerging fintech and payment solutions. This collaboration underscores India's commitment to fostering global partnerships and promoting financial technology innovations worldwide.
