¨ NPCI
International Payments Limited and Bahrain’s BENEFIT company have formed
partnership to enable cross-border remittances between India and Bahrain.
¨
The partnership links India’s UPI system
with Bahrain’s Fawri+ network.
¨
This initiative allows users in India and
Bahrain to send and receive money instantly.
¨
They will also allow them to send and
receive money in real time through interoperable digital payment systems.
¨
This partnership was established under the
supervision of the Reserve Bank of India and the Central Bank of Bahrain.
¨
The aim of partnership is to advance digital
financial inclusion and promote fintech cooperation.
¨
The partnership builds upon a Memorandum
of Understanding first signed during PM Modi’s 2019 visit to Bahrain.
¨
The agreement marks a major step in
expanding economic integration between India and Bahrain.
¨
Bilateral trade between India and Bahrain
reached USD 1.64 billion in 2024–2025.
¨
BENEFIT is Bahrain’s leading fintech and
electronic financial transactions company.
¨ NPCI
International Payments Limited (NIPL) is the international arm of the National
Payments Corporation of India (NPCI).
