NPCI International & Eurobank team to offer Foreign Inward Remittances

By Gloria Mathias

NPCI International Payments Limited (NIPL) and Eurobank S.A., a Greek bank, have signed an MoU towards enhancing cross-border payments using UPI rails.

This agreement is aimed at revolutionising the process of international money transfers, with a specific focus on streamlining remittances from Greece to India. The MoU was signed at the Embassy of Greece in New Delhi by Ritesh Shukla, CEO of NIPL, and Fokion Karavias, CEO of Eurobank.

The signing of the MoU lays the foundation for a strategic alliance wherein both parties shall interface with each other as a point of contact for enabling foreign inward remittance transactions from Greece to India. This initiative will position Greece as one of the first European countries to enable the Indian diaspora residing in the country to undertake quick and seamless remittances to India using UPI rails.

Fokion Karavias, CEO of Eurobank, said, “We are excited about the prospect of cooperating with NPCI International to leverage its pioneering UPI technology in payments from Greece to India. UPI remittances will be particularly useful to the Indian community in Greece. A strategic alliance with NPCI International is also fully in line with Eurobank’s strategic commitment to becoming the bank of choice for Indian businesses seeking to establish themselves in Greece or Cyprus, as an entry point for their EU franchise. I would like to thank Sanjay for connecting us with NPCI International and for advising Eurobank towards the conclusion of this MoU.”

Ritesh Shukla, CEO of NIPL, said, “This strategic alliance with Eurobank marks a significant milestone in the expansion of payment technologies built in India beyond our borders. It showcases the versatility and strength of UPI within the international financial landscape, paving the way for strengthening India-Greece economic ties through enhanced remittance flows. Moreover, it underscores our commitment to innovation and customer-centric solutions, setting a new standard for international payment systems and reinforcing our vision for a more connected and financially inclusive world.”