In a groundbreaking move towards revolutionizing cross-border payments, NPCI International Payments Limited (NIPL), a subsidiary of the National Payments Corporation of India (NPCI), and Eurobank S.A., a leading Greek bank, have inked a Memorandum of Understanding (MoU). The primary focus of this strategic alliance is to enhance and streamline international money transfers, with a particular emphasis on simplifying remittances from Greece to India.
The MoU signing ceremony took place at the Embassy of Greece in New Delhi, attended by key dignitaries including Mr. Ritesh Shukla, CEO of NIPL, Mr. Fokion Karavias, CEO of Eurobank, Mr. Kostas Fragogiannis, Deputy Minister of Foreign Affairs of Greece, Ms. Maira Myrogianni, Secretary General for International Economic Affairs of Greece and Chairperson, Enterprise Greece, and Mr. Sanjay Tugnait, President and CEO of Fairfax Digital Services.
This collaborative agreement establishes the foundation for a strategic partnership, positioning both entities as crucial points of contact for facilitating Foreign Inward Remittance transactions from Greece to India. The scope of the alliance extends to managing fund settlement, reconciliation, and dispute resolution in their respective jurisdictions. This groundbreaking initiative positions Greece as one of the pioneering 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, expressed his enthusiasm about the collaboration, stating, “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 in Cyprus, as an entry point for their EU franchise.”
Ritesh Shukla, CEO of NIPL, commented on the strategic alliance, stating, “This 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.”
This strategic collaboration positions both NPCI International and Eurobank at the forefront of transformative financial solutions, bridging nations and fostering economic collaboration through cutting-edge payment technologies.
