NPCI International Payments Ltd has signed a MoU with Greece-based Eurobank S.A

Current Context: 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) on February 28, 2024 in New Delhi.

• The MoU is aimed at enhancing cross-border payments using UPI rails.
• This agreement is specifically focused on streamlining remittances from Greece to India.
• The MoU was signed at the Embassy of Greece in New Delhi by Mr. Ritesh Shukla, CEO of NIPL, and Mr. Fokion Karavias, CEO of Eurobank.
• This strategic alliance will enable the Indian diaspora residing in Greece to undertake quick and seamless remittances to India using UPI rails.
• Both parties will manage fund settlement, reconciliation, and dispute resolutions in their respective jurisdictions.

Question:

Q.1 What is the main objective of the MoU signed between NPCI International Payments Limited (NIPL and Eurobank S.A.?
a. To enhance cross-border payments using UPI rails
b. To establish a new bank in India
c. To merge NIPL and Eurobank S.A.
d. To launch a new cryptocurrency