Prime Minister inaugurates UPI services in Sri Lanka and Mauritius, RuPay card in Mauritius
Prime Minister Narendra Modi, along with Sri Lankan President Ranil Wickremesinghe and Mauritian Prime Minister Pravind Jugnauth, jointly launched the Unified Payments Interface (UPI) in Sri Lanka and Mauritius, and RuPay card services in Mauritius, via video conferencing.
Mauritius co-branded RuPay card designated domestic: Mr. Jugnauth announced that the co-branded RuPay card will be designated as a domestic card in Mauritius. Both leaders expressed confidence that the launch will facilitate citizens of all three countries.
Wickremesinghe congratulates PM, emphasizes economic ties: President Wickremesinghe congratulated the Prime Minister on the consecration of the Shri Ram Mandir in Ayodhya and highlighted the centuries-old economic relations between India and Sri Lanka. He expressed hope for continued connectivity and deeper ties.
PM: UPI now "Uniting Partners with India": In his address, Prime Minister Modi called this a special day for the three nations, marking a historic digital connection. He emphasized the government's commitment to people's development and the role of fintech in strengthening cross-border transactions. He described the newly launched UPI as "Uniting Partners with India."
Digital revolution in India: The Prime Minister highlighted the revolutionary impact of digital public infrastructure in India, with even small vendors in remote villages using UPI for digital payments. He shared that over 100 billion UPI transactions worth Rs 2 lakh crore (Rs 8 trillion in Sri Lankan rupees, Rs 1 trillion in Mauritian rupees) took place last year.
Transparency, inclusivity through technology: Mr. Modi also mentioned transferring Rs 34 lakh crore (USD 400 billion) to beneficiaries through the "GEM Trinity" of bank accounts, Aadhaar, and mobile phones, and using the CoWIN platform for the world's largest vaccination program. He emphasized that technology promotes transparency, reduces corruption, and increases inclusivity.
Neighborhood First" policy: The Prime Minister reiterated India's "Neighborhood First" policy and maritime vision of SAGAR (Security and Growth for All in the Region). He emphasized that India doesn't view its development separately from its neighbors.
Strengthening financial connectivity: Referring to the Vision Document adopted during President Wickremesinghe's last visit, the Prime Minister highlighted strengthening financial connectivity as a key component. Similar discussions were held with Prime Minister Jugnauth.
Digital revolution in India: The Prime Minister highlighted the revolutionary impact of digital public infrastructure in India, with even small vendors in remote villages using UPI for digital payments. He shared that over 100 billion UPI transactions worth Rs 2 lakh crore (Rs 8 trillion in Sri Lankan rupees, Rs 1 trillion in Mauritian rupees) took place last year.
Benefits of UPI and RuPay: Mr. Modi expressed confidence that the UPI connection would benefit both Sri Lanka and Mauritius, promoting digital transformation, positive changes in local economies, and tourism. He mentioned the special benefits for people of Indian origin and students in these countries. He added that the RuPay card launch in Mauritius, following Nepal, Bhutan, Singapore, and UAE, would facilitate travel and reduce the need for hard currency conversions. The UPI and RuPay system would enable real-time, cost-effective, and convenient payments in local currencies, with potential for future P2P (Person-to-Person) cross-border remittances.
Global South cooperation: The Prime Minister emphasized that the launch symbolizes the success of Global South cooperation, highlighting the historical and people-to-people relations between the three nations. He mentioned India's support to its neighbors in the past decade, including during natural disasters, health crises, and economic challenges. He reiterated India's commitment to being the "first responder" and its focus on the Global South, including the establishment of a Social Impact Fund to share the benefits of India's digital public infrastructure.
Gratitude and thanks: Concluding the address, Prime Minister Modi expressed his gratitude to President Wickremesinghe and Prime Minister Jugnauth for their role in the launch, and thanked the central banks and agencies of all three countries for making it successful.