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Singapore, UAE to accept India’s RuPay

Indian Finance Minister Nirmala Sitharaman has informed that Singapore and UAE have shown interest to accept the RuPay payment system acceptable in their countries.

Sitharaman also said that India is holding consultations with different countries to make RuPay acceptable in their nations.

"We are talking to different countries. Singapore and UAE have all come forward now to make Rupay acceptable in their countries," Sitharaman said at the Brookings Institute think-tank during a fireside conversation with eminent economist Eshwar Prasad.

"Not just that, the UPI (Unified Payments Interface), the BHIM app, and NCPI (the National Payments Corporation of India) are all now being worked in such a way that their systems in their respective country, however, robust or otherwise can talk to our system and the inter-operability itself will give strength for Indians expertise in those countries," she said.

Meanwhile, amid the ongoing conflict in Ukraine, Sitharaman asked developed nations to take responsibility for the global spillover caused by policy decisions taken by them.

The minister in her written remarks hit out at the developed countries for imposing sanctions on nations who are merely fulfilling their moral and democratic obligations to their people.

These comments come as India continues to be the fastest-growing major economy in the world. In its July 2022 report, the IMF had pegged India's GDP growth for 2022 at 7.4 per cent.

Explaining India's growth story, the finance minister said, "India as a developing nation has always stood ahead for the growth of the global commons."

"India's commitment to multilateralism is evident by the initiatives we have taken to supply vaccines to over 100 nations, provide disaster relief to those in distress, and partner with other countries, with a focus on green growth, better connectivity, digital delivery and accessible health," she added.

Sitharaman is on an official visit to the US. During her visit, she will be attending the Annual Meetings of the International Monetary Fund (IMF) and the World Bank, the G20 Finance Ministers and Central Bank Governor (FMCBG) Meetings.


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