The Unified Payments Interface (UPI) is gearing up for a grand entrance in Sri Lanka!
After an announcement six months ago by the Prime Ministers of India and Sri Lanka, the ball is rolling for the speedy launch of this UPI payment system.
This Monday, the High Commissioner of India, Santosh Jha, caught up with Dr. Nandalal Weerasinghe, the Governor of the Central Bank of Sri Lanka (CBSL), and they spilled the beans on the plan’s progress. Talks included India’s promise to stand by Sri Lanka’s side in sorting out its financial matters.
Let’s rewind a bit to July 2023 when Prime Minister Narendra Modi and Sri Lanka President Ranil Wickremesinghe made it official during Wickremesinghe’s visit to India – UPI is welcome with open arms in Sri Lanka! Fast forward to October, and Modi spilled the beans on the governments working together to amp up connectivity in the fintech world, merging the UPI and Lanka Pay systems. A video message during the inauguration of ferry services spilled the details.
Despite Sri Lanka facing some tough economic times in 2023, India played a superhero and stood by its side. Celebrating 75 years of friendship, India swooped in with over USD 4 billion in assistance, beating out the International Monetary Fund’s bailout.
Breaking news from President Wickremesinghe on November 29 – Sri Lanka is about to secure an agreement with external creditors on debt restructuring! This move could unlock the International Monetary Fund’s first review of the USD 2.4 billion bailout approved back in March 2023.
Get ready for the UPI wave in Sri Lanka! For more details on UPI and how it’s shaking things up, check out this link
Stay tuned for the latest on this thrilling partnership between India and Sri Lanka. Exciting times ahead! 🚀🌏
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