NPCI International Payments Limited (NIPL), a subsidiary of National Payments Corporation of India (NPCI), and Eurobank S.A., a leading Greek bank, have signed a Memorandum of Understanding (MoU) towards enhancing cross-border payments using UPI rails. This agreement is aimed to transform the process of international money transfers, with a specific focus on streamlining remittances from Greece to India.
This strategic alliance between both parties shall interface with each other as a point of contact for enabling Foreign Inward Remittance transactions from Greece to India. They shall also manage fund settlement, reconciliation, and dispute resolutions in their respective jurisdictions. This initiative shall position Greece as one of the first European countries to enable the Indian diaspora residing in the country to undertake quick and seamless remittances to India using UPI rails.
Fokion Karavias, CEO of Eurobank, said: “We are excited about the prospect of cooperating with NPCI International to leverage its pioneering UPI technology in payments from Greece to India. UPI remittances will be particularly useful to the Indian community in Greece. A strategic alliance with NPCI International is also fully in line with Eurobank’s strategic commitment to becoming the bank of choice for Indian businesses seeking to establish themselves in Greece or in Cyprus, as an entry point for their EU franchise.”
Ritesh Shukla, CEO of NIPL, said: “This strategic alliance with Eurobank marks a significant milestone in the expansion of payment technologies built in India beyond our borders. It showcases the versatility and strength of UPI within the international financial landscape, paving the way for strengthening India- Greece economic ties through enhanced remittance flows.”
