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Prime Minister Narendra Modi launched three digital platforms in Singapore in a ‘Business, Innovation and community event’. The three digital platforms that were introduced were BHIM, RuPay and State Bank of India app. RuPay is linked to Singapore’s system through the network of international transfers (NETS). Payments can now be made across Singapore using the access points of NETS. People of Singapore can make online transactions using merchant websites which are linked to national payment corporation of India. SBI’s Singapore branch launched a rupee remittance mode which is connected to unified payments interface (UPI). This will facilitate cross-border trade between the two countries. Also, any customer at SBI Singapore branch having a savings bank account can transfer money up to 1 lakh. The indirect international effect of this digitalisation is the ‘Ease of doing business’ in India. For more information visit: |