India–Nepal Go Digital: UPI–NPI Link Brings Real‑Time, Low‑Cost Money Transfers Across Borders

• UPI-NPI linkage to enable to person-to-person (P2P) transfers between India and Nepal

NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), in collaboration with Nepal Clearing House Ltd. (NCHL), the primary payments facilitator in Nepal, is pleased to announce the launch of payment linkage between India’s Unified Payments Interface (UPI) and Nepal’s National Payments Interface (NPI) platforms. This partnership enables real-time, low-cost, and secure cross-border remittances between India and Nepal, allowing Indian and Nepalese users in India and Indian users in Nepal to make seamless person-to-person (P2P) transfers.

Now live through select banks, the service will soon be expanded to additional banks, further enhancing accessibility across a wide range of financial institutions.

The UPI-NPI linkage represents a major advancement in financial inclusion, fostering stronger economic and digital ties between India and Nepal. This project aligns with the G20's goals for accessible and affordable cross-border payments, facilitating a direct connection between the fast-payment systems of both countries, thereby reinforcing the longstanding social, cultural, and economic bonds shared by India and Nepal.

Indian and Nepalese users can now send money to Nepal using the receivers’ mobile numbers or virtual payment addresses (VPAs), while Indian users can transfer funds to India from Nepal using UPI IDs. This process removes the need to share sensitive bank account information, offering a simplified, secure, and convenient experience for users on both sides of the border.

Commenting on the development, Mr. Ritesh Shukla, MD & CEO, NPCI International, said –

We are pleased to launch cross-border remittance link between India and Nepal in partnership with NCHL. This initiative emphasises our commitment to innovation that meet the evolving needs of global communities. By creating a real-time, affordable, and secure corridor for cross-border remittances, we are not only simplifying the remittance process for families in both nations but also promoting financial inclusion.

Through this innovative service, the UPI-NPI linkage ensures that transactions occur in real time, providing critical support to millions of families who depend on timely remittances. By significantly reducing the costs associated with traditional cross-border remittance methods, the new linkage offers a cost-effective, transparent solution to individuals and families sending funds across borders.

Mr. Neelesh Man Singh Pradhan, Chief Executive Officer, NCHL, said –

The successful launch of this linkage between Nepal and India is a testament to our close collaboration and commitment for making cross border fund transfer seamless, real-time and convenient. As we embark together on a digital payments journey, we look forward to add more services and ensure inclusion for the millions of people and businesses at both the sides.

The collaboration between NPCI International and NCHL not only strengthens the India-Nepal economic corridor but also marks a significant shift towards digital payment solutions. By enabling secure, transparent, and traceable transactions, this initiative supports the resilience of the financial ecosystems in both countries, setting a precedent for future cross-border digital payment collaborations. Through this project, India and Nepal are creating a powerful model for interoperable, real-time payment systems that other geographies can emulate.

India Designed Reactor Unit of Rajasthan Atomic Power Project Achieves Criticality (Start of Controlled Fission Chain Reaction)

Nuclear Power Corporation of India Limited (NPCIL) has announced that, the Unit 7 of the 2 X 700 MW Rajasthan Atomic Power Project 7 & 8 (RAPP-7&8) at Rawatbhata, achieved the important milestone of Criticality (start of controlled fission chain reaction) on September 19, 2024 at 22:42 hrs, after clearance of First Approach to Criticality by the Atomic Energy Regulatory Board (AERB).

The Rajasthan Atomic Power Project (RAPP), also known as the Rajasthan Atomic Power Station (RAPS), is a significant nuclear power plant located in Rawatbhata, Rajasthan, India.

RAPP-7 is the third in the series of sixteen indigenous Pressurised Heavy Water Reactors (PHWR) of 700 MW each, being set up in India.

The successful achievement of Criticality of RAPP-7, after the smooth operation of the first two 700 MW PHWRs, viz. KAPS 3&4 (2X700 MW) at Kakrapar in Gujarat, demonstrates the maturity achieved by NPCIL in the design, construction and operation of the indigenous 700 MW PHWRs.

Criticality for the first time on the project timeline marks the completion of construction phase and commencement of the operation phase.

Various experiments/ tests will now be conducted before connecting it to the grid. Thereafter the power level will be raised in steps to full power, in line with the clearances of the Atomic Energy Regulatory Board (AERB).

RAPP-7&8 project is being set up at Rawatbhata in Rajasthan, where already six units with a total capacity of 1180 MW are in operation. RAPP-7 is expected to start generation this year, followed by RAPP-8 in the next year.

NPCIL presently operates 24 reactors with a total capacity of 8180 MW and has eight units (including RAPP-7) with a capacity of 6800 MW under construction. In addition, 10 more reactors with a total capacity of 7000 MW are in pre-project activities. These are expected to be completed progressively by 2031-32.

The Rajasthan Atomic Power Project (RAPP), also known as the Rajasthan Atomic Power Station (RAPS), began in 1963, with the first reactor (RAPS-1) becoming operational in 1973. The plant has expanded over the years and currently includes multiple reactors.

The plant operates several pressurized heavy water reactors (PHWRs). Units 1 and 2 are CANDU reactors, while Units 3 to 8 are Indian-designed PHWRs. The total installed capacity is 1,180 MW, with two additional reactors (Units 7 and 8) under construction, each with a capacity of 700 MW.

The International Atomic Energy Agency (IAEA) has audited the reactors at RAPS and concluded that they are among the best in the world in terms of safety.

Units 7 and 8 are expected to significantly increase the plant’s capacity.

Govt Approves NPCIL-NTPC JV ASHVINI to Build, Own, and Operate Nuclear Power Plants in India

Anushakti Vidhyut Nigam Ltd (ASHVINI) is a joint venture between the Nuclear Power Corporation of India Limited (NPCIL) and NTPC Ltd. This venture, with NPCIL holding 51% equity and NTPC holding 49%, has been established to build, own, and operate nuclear power plants in India.

On Tuesday, the Indian government granted formal approval to ASHVINI, allowing it to take over the Mahi Banswara Rajasthan Atomic Power Project (MBRAPP), which will utilize indigenous Pressurized Heavy-Water Reactor (PHWR) technology and have a capacity of 2800 MW.

In addition to MBRAPP, ASHVINI shall also pursue other nuclear power projects in different parts of the country.

The Department of Atomic Energy, on September 17, 2024, formally handed over the government approval to Anushakti Vidhyut Nigam Ltd (ASHVINI) to the respective CMDs of Nuclear Power Corporation of India Ltd (NPCIL) and NTPC Ltd.

This move is expected to accelerate nuclear power capacity addition in India, contributing to the country's ambitious targets for nuclear energy and its Net Zero emissions goal by 2070.

Mahi Banswara Rajasthan Atomic Power Project (MBRAPP)

The Mahi Banswara Rajasthan Atomic Power Project (MBRAPP) is a significant nuclear power initiative in India. Here are some key details:

• Location: The plant will be built near the Banswara district in Rajasthan, covering an area of approximately 1,366.49 acres.
• Capacity: The project will have an installed capacity of 2800 MW, consisting of four units, each with a capacity of 700 MW.
• Technology: It will utilize Indigenous Pressurized Heavy-Water Reactor (IPHWR-700) technology, similar to the reactors at Kakrapar Atomic Power Station and Rajasthan Atomic Power Station.
• Construction Timeline: Construction is scheduled to begin in 2024, with completion expected within 4-5 years.
• Cost: The estimated cost of the project is around ₹50,000 crore (approximately $6 billion USD).
• Environmental Impact: The project includes comprehensive environmental impact assessments and mitigation measures to address potential impacts on air quality, water resources, and local ecology.

This project is part of India's broader strategy to enhance its nuclear power capacity and contribute to its energy security and environmental goals.