On November 21, 2025, the Reserve Bank of India (RBI) announced the interlinking of the Unified Payments Interface (UPI) with the TARGET Instant Payment Settlement (TIPS) of the Eurosystem. RBI and NPCI International Payments Limited (NIPL) have been in discussion with the European Central Bank to connect UPI with TIPS. This initiative aims to enhance cross-border payments, making them cheaper, more efficient, transparent and accessible, aligned with the G20 Roadmap. The UPI-TIPS interlinkage seeks to facilitate cross-border remittances between India and the Euro Area. RBI and NIPL will collaborate with the European Central Bank to operationalize the UPI-TIPS link, including technical integration, risk management and settlement arrangements. The contact email is helpdoc@rbi.org.in, and the phone number is 022-2266 0502. This announcement is press release 2025-2026/1549, issued by Brij Raj, Chief General Manager. The RBI website is www.rbi.org.in. The Department of Communication is located at Central Office, Shahid Bhagat Singh Marg, Fort, Mumbai - 400 001.
Key Entities Referenced
Unified Payments Interface (UPI): A real-time payment system in India, being interlinked with the Eurosystem's TIPS.
TARGET Instant Payment Settlement (TIPS): The instant payment system operated by the Eurosystem.
Reserve Bank of India: The central bank of India, involved in interlinking UPI with other systems.
NPCI International Payments Limited (NIPL): An organization working with the Reserve Bank of India and the European Central Bank to connect UPI with TIPS.
Eurosystem: The monetary authority of the Eurozone, which operates the TIPS payment system.
प्रेस प्रकाशनी PRESS RELEASE
भारतीय ररज़र्व बैंक
RESERVE BANK OF INDIA
वेबसाइट
:
www.rbi.org.in/hindi
संचार वर्भाग, केंद्रीय कायाालय, शहीद भगत ससिंह मागा, फोटा, म िंबई - 400 001
Website : www.rbi.org.in Department of Communication, Central Office, Shahid Bhagat Singh Marg, Fort,
ई-मेल/email : helpdoc@rbi.org.in Mumbai - 400 001 फोन/Phone: 022 - 2266 0502
November 21, 2025
Interlinking of Unified Payments Interface (UPI) with the TARGET Instant
Payment Settlement (TIPS) of the Eurosystem
Reserve Bank of India has been actively pursuing interlinking of Unified Payments
Interface (UPI) with fast payment systems of other jurisdictions to promote cross-
border payments. These initiatives are aligned with the G20 Roadmap for enhancing
cross-border payments, with a focus on cheaper, efficient, more transparent and
more accessible remittances.
Reserve Bank of India and NPCI International Payments Limited (NIPL) have
been engaging with European Central Bank on the initiative to connect UPI with the
TARGET Instant Payment Settlement (TIPS), the instant payment system operated
by the Eurosystem. Following constructive and sustained engagement, both sides
have agreed to start the realisation phase for the UPI–TIPS link.
The proposed UPI–TIPS interlinkage aims to facilitate cross-border remittances
between India and the Euro Area and is expected to benefit users of both
jurisdictions.
Reserve Bank of India and NIPL will continue to collaborate closely with European
Central Bank to operationalize the UPI–TIPS link, including technical integration, risk
management and settlement arrangements.
(Brij Raj)
Press Release: 2025-2026/1549 Chief General Manager