Manama: The Central Bank of Bahrain (CBB) has announced a new partnership agreement between The BENEFIT Company (BENEFIT) and NPCI International Payments Limited (NIPL), the international division of the National Payments Corporation of India (NPCI). This agreement initiates a cross-border collaboration between Bahrain and India's instant payment systems, supervised by the CBB and the Reserve Bank of India (RBI).
According to Bahrain News Agency, the agreement was signed by Abdulwahed Al Janahi, Chief Executive of BENEFIT, and Ritesh Shukla, Managing Director and Chief Executive Officer of NIPL. The signing ceremony was attended by Hesa Abdulla Al Sada, Executive Director of Central Banking and Macroprudential Oversight at the CBB, along with Gunveer Singh, Chief General Manager-in-Charge, Department of Payment and Settlement Systems at the RBI.
The collaboration marks a significant development in financial integration between the two countries. It will facilitate the linkage of Bahrain's Electronic Fund Transfer System (EFTS), particularly the Fawri+ service operated by BENEFIT, with India's Unified Payments Interface (UPI). This will enable residents in both nations to execute instant payments and transfers securely and efficiently.
This initiative is a part of the CBB's strategic efforts to offer advanced payment services that align with global trends, enhancing both regional and international financial integration. It aims to contribute to Bahrain's competitiveness in the global economy.