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NPCI & Central Bank of Oman signed MoU

Published on October 06, 2022
Current Context: NPCI & Central Bank of Oman sign MoU to launch India’s Rupay Debit Card in Oman.
NPCI & Central Bank of Oman signed MoU
  • National Payments Corporation of India and the Central Bank of Oman have inked a significant Memorandum of Understanding to launch the Rupay debit card in Oman for better financial connectivity.
  • Both countries have decided to expand the Indian digital payment ecosystem to the Gulf region.
  • It will facilitate seamless digital remittances which benefits Indian workers and professionals.
  • The trade between India and Oman is increasing, totaling around USD 10 billion in FY 2021-22.
  • According to the recent NPCI data, UPI transactions increased by over 3% to Rs. 678 crores in September 2022 from Rs. 657 crores in august 2022.
  • Countries that accept UPI and RuPay cards include Singapore, Nepal, United Arab Emirates, Bhutan, Malaysia, and France.
  • Static Part: According to the Indian Embassy, about 6,24,000 Indians in Oman, of which 4,83,901 are workers and professionals.

Question:

Q.1 Who is the Union Minister, Minister of State, and Ministry of External Affairs who made the official visit to the Sultanate of Oman?
a. V. Muraleedharan
b. S. Jaishankar
c. A. Bagchi
d. Siddhant Sibbal

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