RBI, Nepal Rastra Bank sign pact for UPI-NPI linkage

Current Context: The Reserve Bank of India (RBI) and Nepal Rastra Bank (NRB) have signed a pact for the integration of India’s Unified Payments Interface (UPI) with Nepal’s National Payments Interface (NPI) on Thursday, February 15, 2024.

• This integration aims to facilitate seamless cross-border remittances between India and Nepal.
• The collaboration between RBI and NRB in linking their fast payment systems through the UPI-NPI linkage will further deepen financial connectivity and reinforce the enduring historical, cultural, and economic ties between the two countries.
• The necessary systems will be put in place for interlinking of UPI and NPI, and the formal launch of the linkage i.e., commencement of operations will be done at a later date.

Question:

Q.1 Which two banks have signed a pact for the integration of India’s UPI with Nepal’s NPI?
a. The Federal Reserve and Nepal Rastra Bank
b. The Reserve Bank of India and Nepal Rastra Bank
c. The Reserve Bank of India and The Federal Reserve
d. The Federal Reserve and The Reserve Bank of India