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Sri Lanka and India Fast-Track Unified Payments Interface (UPI) Implementation for Strengthened Economic Ties

In a significant move expected to bolster bilateral economic cooperation, Sri Lanka and India are expediting plans for the early roll-out of the Unified Payments Interface (UPI) system in Sri Lanka. The development surfaced during a meeting held yesterday between Sri Lankan State Finance Minister Shehan Semasinghe and Indian High Commissioner to Sri Lanka, Santosh Jha.

Conducted in Colombo, the high-level discussions underscored India’s steadfast support for Sri Lanka’s ongoing debt restructuring initiatives and broader economic recovery endeavors. The central focus of the talks was the acceleration of the implementation of the UPI system in Sri Lanka. Renowned for revolutionizing India’s financial landscape, the UPI system is poised to bring increased convenience and security to transactions between the two nations.

Among the key points discussed was the exploration of avenues to boost the use of the Indian rupee (INR) in bilateral trade. This initiative aims to potentially reduce currency conversion costs and streamline financial transactions.

Finance Minister Semasinghe characterized the meeting as “fruitful,” emphasizing the significance of “collaborative initiatives to enhance economic ties and make progress on the debt restructuring process.”

Echoing this sentiment, the Indian High Commission conveyed, through X (Twitter), that the discussions revolved around the “early launch of UPI, promoting INR trade settlement & investments-led economic partnership.” The commitment to fostering economic ties and facilitating advancements in the debt restructuring process was a shared goal articulated by both parties during this diplomatic engagement.

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