The Reserve Bank of India (RBI) on November 19, 2025, announced the commencement of the realisation phase for interlinking India’s Unified Payments Interface (UPI) with the TARGET Instant Payment Settlement (TIPS) system operated by the Eurosystem. This initiative is part of RBI’s broader efforts to integrate UPI with fast payment systems globally, in line with the G20 Roadmap aimed at making cross-border payments cheaper, faster, more transparent and more accessible.
Under this collaboration, RBI and NPCI International Payments Limited (NIPL) have been working with the European Central Bank (ECB) to enable cross-border instant payment connectivity between India and the Euro Area. The proposed UPI–TIPS linkage is expected to enhance the ease of sending and receiving remittances by providing a secure, efficient and real-time payment channel for users in both jurisdictions.
The RBI stated that it will continue to work closely with NIPL and the ECB to operationalize the link, focusing on technical integration, risk management mechanisms and settlement arrangements to ensure a smooth and robust framework for cross-border instant payments.
[Notification No. 2025-2026/1549]
