Launch of the RuPay payment card in Nepal; fourth country to adopt India’s electronic payment system

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 India’s electronic payment system in the Himalayan nation.

The other three 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 a wide range of issues including trade, investment and energy cooperation.

Deuba arrived in New Delhi on Friday on his first bilateral visit abroad after becoming prime minister for the fifth time in July 2021.

“The introduction of RuPay card in Nepal will add a new chapter to our financial connectivity,” Modi said in his statement to the media after the talks.

The Ministry of External Affairs said the launch of the card in Nepal will open up new prospects for cooperation in financial connectivity and is expected to facilitate bilateral tourist flows and further strengthen people-to-people ties.

The RuPay card scheme was launched in 2012 as part of the Reserve Bank of India’s vision to have a national, open and multilateral payment system.

People familiar with the project said Nepal SBI Bank (NSBL), a subsidiary of SBI and Nepal’s largest international bank, has been working on the initiative for more than a year with support from the Central Bank. from Nepal. They said the launch of the card in Nepal will open a new path to financial convenience and empowerment through the use of technology and innovation. This will not only facilitate payment for RuPay car holders, but also improve the capabilities of Nepal’s payment ecosystem, they said.

After the Modi-Deuba talks, Nepal and India also signed a pact for the renewal of a Memorandum of Understanding for the supply of petroleum products for a period of five years between Indian Oil Corporation Ltd (IOCL) and Nepal Oil Corporation Ltd (NOC), the people quoted above said.

The two parties had signed an agreement on March 27, 2017, which expired on March 31. The renewed agreement will remain valid for a period of five years.

The deal comes in the form of an umbrella pact allowing IOCL to supply petroleum products to NOC, including through the Motihari-Amlekhgunj pipeline commissioned in July 2019.

Another agreement was signed for the sharing of technical expertise between IOCL and NOC.

The agreement is intended to help NOC to acquire technical knowledge and skills in the field of petroleum products, as well as to operate and maintain the facilities necessary for this purpose. People said that IOCL will impart training and knowledge to NOC personnel in the areas of quality control, engineering, pipelines, IT, terminal/depot operations, development infrastructure and security.

(With PTI inputs)

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Posted: Saturday, April 2, 2022, 10:00 p.m. IST

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Elaine R. Knight