Nepal on Saturday became the fourth foreign country to operationalize the RuPay card with Prime Minister Narendra Modi and his Nepalese counterpart Sher Bahadur Deuba jointly launching the Indian electronic payment system in the Himalayan nation.
The three other countries that have the RuPay card are Bhutan, Singapore, and the United Arab Emirates. The card was launched by the two leaders after holding talks covering wide-ranging issues including cooperation in areas of trade, investment, and energy.
He made the comments at a media briefing following wide-ranging talks between Prime Minister Narendra Modi and his visiting Nepalese counterpart Sher Bahadur Deuba.
Nepal’s Prime Minister Sher Bahadur Deuba met his Indian counterpart Narendra Modi and inaugurated the Himalayan nation’s only railway link with its southern neighbor on Saturday in a summit meant to deepen relations.
Deuba’s first trip to India since becoming prime minister in July comes a week after a visit by Chinese Foreign Minister Wang Yi to Nepal.
About Card
RuPay card scheme was launched in 2012 as part of the Reserve Bank of India’s vision to have a domestic, open, and multilateral system of payments. People familiar with the project said the Nepal SBI Bank (NSBL), a subsidiary of SBI and Nepal’s largest international bank. They worked on the initiative for over a year with support from Nepal’s Central Bank.
They said the launch of the card in Nepal will forge a new path to financial convenience and empowerment with the use of technology and innovation. It will not only enable ease of payment for RuPay car holders but also uplift Nepal’s payment ecosystem capabilities, they said.
About Launch
People familiar with the project said the Nepal SBI Bank (NSBL), a subsidiary of SBI and Nepal’s largest international bank. They worked on the initiative for over a year with support from Nepal’s Central Bank.
They said the launch of the card in Nepal will forge a new path to financial convenience and empowerment with the use of technology and innovation.
It will not only enable ease of payment for RuPay car holders but also uplift Nepal’s payment ecosystem capabilities, they said.
After the Modi-Deuba talks, Nepal and India also inked a pact for the renewal of an MoU for the supply of petroleum products for five years between Indian Oil Corporation Ltd (IOCL) and Nepal Oil Corporation Ltd (NOC), the people cited above said.
The agreement is intended to assist NOC in acquiring technical knowledge and skill in petroleum products. In the operation and maintenance of facilities required for the purpose.
The people said IOCL will impart training and knowledge to NOC personnel in the fields of quality control, engineering, pipeline, IT, terminal/depot operation, infrastructure development, and safety.
