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India Gazette
04-07-2025
- Health
- India Gazette
India-Trinidad Tobago sign six MoUs to boost cooperation
Port of Spain [Trinidad and Tobago] July 5 (ANI): India and Trinidad and Tobago have signed six agreements during Prime Minister Narendra Modi's visit to the Caribbean nation to strengthen bilateral cooperation in key areas, including infrastructure, pharmaceuticals, development projects, sports, education, cultural exchange programs and diplomatic training. The six Memoranda of Understanding (MoUs) were signed following delegation-level talks between PM Modi and his Trinidad and Tobago counterpart Kamla Persad-Bissessar in Port of Spain on Friday. The MoUs include an agreement on the Indian Pharmacopoeia, which aims to provide improved access to Indian pharmaceutical products in the Trinidad and Tobago market, the Ministry of External Affairs (MEA) stated in a statement. To strengthen the development corporation partnership between the two countries, an agreement was signed for an Indian grant to implement Quick Impact Projects (QIP). Agreements were also signed to strengthen cooperation in sports, diplomatic training and the re-establishment of two ICCR Chairs of Hindi and Indian Studies at the University of the West Indies (UWI), Trinidad and Tobago. An MoU on the Programme of Cultural Exchanges for the period 2025-2028 was also signed. Along with the MoUs, Prime Minister Narendra Modi also announced the extension of the Overseas Citizen of India (OCI) cards facility up to 6th generation of Indian Diaspora members in Trinidad and Tobago, allowing them to live and work in India without restrictions. Earlier, this facility was available up to the 4th generation of Indian Diaspora members in the Caribbean nation. PM Modi also gifted 2000 laptops to school students in Trinidad and Tobago and announced formal handing over of agro-processing machinery (USD 1 million) to the National Agricultural Marketing and Development Corporation (NAMDEVCO) and the holding of Artificial Limb Fitment Camp (poster-launch) in Trinidad and Tobago for 50 days for 800 people. The Indian Prime Minister further announced that under the 'Heal in India' program, specialised medical treatment will be offered to Trinidad and Tobago citizens. He also gifted twenty Hemodialysis Units and two Sea ambulances to the Caribbean nation to assist in the provision of healthcare. PM Modi announced the solarisation of the headquarters of T&T's Ministry of Foreign and Caricom Affairs by providing rooftop photovoltaic solar panels. Enhancing the cultural ties between both nations, PM Modi announced the celebration of Geeta Mahotsav at the Mahatma Gandhi Institute for Cultural Cooperation in Port of Spain, coinciding with the Geeta Mahotsav celebrations in India. Earlier, Trinidad and Tobago PM Kamla Persad-Bissessar said that the nation is honoured to adopt the Indian UPI system and collaborate on India stack tools such as Aadhaar and DigiLocker to modernise public services. 'Trinidad and Tobago is honoured to adopt the Indian UPI system and collaborate on India stack tools such as Aadhaar and DigiLocker to modernise public services. On behalf of the children of Trinidad and Tobago, I thank you for your gift of 2000 laptops.' 'We are in discussions with Indian companies to participate in various energy-related projects here in Trinidad and Tobago. We are proud to join India-led initiatives such as the Global Biofuels Alliance,' she added. After concluding his visit to Trinidad and Tobago, PM Modi embarked on his visit to Argentina for the 3rd leg of his five-nation tour. PM Modi is headed for Buenos Aires at the official invitation of the President of the Republic of Argentina, Javier Milei. He will hold bilateral talks with President Milei to review ongoing cooperation and discuss ways to enhance further the India-Argentina partnership in key areas, including defence, agriculture, mining, oil and gas, renewable energy, trade, investment, and people-to-people ties. (ANI)
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Business Standard
29-05-2025
- Business
- Business Standard
UPI's contribution to payments ecosystem volume grows to 83.4% in FY25
The contribution of India's real-time payments system, the Unified Payments Interface (UPI), to the payments ecosystem's volume grew to 83.4 per cent in the financial year 2024–25 (FY25), up from 79.4 per cent recorded in FY24. According to the Reserve Bank of India's (RBI's) annual report for FY25, UPI recorded 185.8 billion transactions during the year, a 41.7 per cent increase from 131.1 billion transactions processed in FY24. The volume of credit card transactions rose to 4.7 billion in FY25, up from 3.5 billion in FY24. Debit card transactions contracted 29.5 per cent to 1.6 billion in FY25 from 2.2 billion in the previous year. Total payments in India—including transactions across payment systems, card payments and prepaid payment instruments (PPIs)—grew to 222.6 billion in FY25, a 34.8 per cent rise from 165.1 billion transactions in the previous year. The share of digital transactions in the total volume of non-cash retail payments was 99.9 per cent during FY25, compared to 99.8 per cent in FY24, the RBI said. As part of its agenda for the ongoing FY26, the RBI will conduct a 'Survey on Usage of Digital Payments', which is expected to provide insights into user transaction behaviour and the challenges faced by users. The banking regulator said it would continue promoting innovation and development of alternate payments and messaging systems. The RBI has constituted a committee to examine various aspects of setting up a Digital Payments Intelligence Platform (DPIP) to protect customers from digital payment fraud. The Reserve Bank Innovation Hub (RBIH) has been tasked with building a DPIP prototype in consultation with five to ten banks. It is also working to identify frictions in processing the beneficiary leg of cross-border payments and is expected to frame a regulatory policy or action in consultation with relevant stakeholders. During FY25, the RBI gave final authorisations to 26 online Payment Aggregators (PAs), five Payment Aggregators–Cross Border (PA-CB), 11 non-bank PPI issuers, and one Trade Receivables and Discounting System (TReDS) platform. The regulator conducted on-site inspections of 84 payment system operators during the year. On taking UPI international, the RBI said NPCI International Payments Ltd (NIPL) is working to extend the real-time payments system to 20 countries by FY29. Acceptance of Indian UPI apps via QR codes has been operationalised in Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka and the UAE. This enables Indian tourists, students and business travellers to make payments to merchants using their Indian UPI apps, the RBI said. RuPay card acceptance is live in Nepal, Bhutan, Mauritius, Singapore, the UAE and the Maldives. The RBI has approved NIPL to deploy UPI-like infrastructure in Namibia, Peru, Trinidad and Tobago, and Jamaica.