Overview
- Following sustained engagement, both sides agreed to start the realisation phase to interconnect the systems.
- RBI and NPCI International Payments Ltd will work with the European Central Bank on technical integration, risk management and settlement arrangements.
- The planned corridor is intended to enable real-time, lower-cost transfers between India and the euro area, and no launch date has been announced.
- The move goes beyond prior Europe efforts that focused on merchant acceptance through partners such as Worldline to pursue system-level money movement.
- Recent linkages such as Singapore’s PayNow connection and Bahrain’s Fawri+ tie-up provide precedents for the operational model now being developed with the Eurosystem.