Here’s great news for people living in India—especially those whose family members work in Singapore. Transferring money between India and Singapore has become easier than ever.
The international arm of the National Payments Corporation of India (NPCI) has added 13 more banks to the UPI-PayNow money transfer network. This expanded service will be available from 17 July 2025.
More Banks, More Convenience
Until now, only a few banks like Axis Bank, SBI, ICICI Bank, Indian Bank, Indian Overseas Bank, and DBS Bank were part of this cross-border payment system.
Now, 13 new banks have joined the network. These include:
Bank of Baroda
Canara Bank
Federal Bank
Kotak Mahindra Bank
HDFC Bank
UCO Bank
IDFC First Bank
IndusInd Bank, and more.
With this expansion, a total of 19 banks are now part of the UPI-PayNow remittance system, making it much easier for NRIs to send money from Singapore to India and vice versa.
Joint Effort by RBI and Singapore’s MAS
The UPI-PayNow service is a joint initiative between India’s Reserve Bank (RBI) and the Monetary Authority of Singapore (MAS). Its goal is to make international money transfers fast, safe, and cost-effective.
Now, Indian families can receive money directly in their bank accounts through this network.
Similarly, sending money from India to Singapore is also possible via banks like Canara Bank, HDFC Bank, Karur Vysya Bank, and SBI.
This move not only benefits NRIs and their families but also encourages digital payments and makes cross-border financial transactions much smoother.
