Bangladesh-India Sign MoU on Cross-Border Transactions

While visiting India in mid-July, the Minister of State for ICT Zunaid Ahmed Palak expressed his interest in developing a sovereign real-time payment system for Bangladesh like payments made by United Payments Interface (UPI) during a meeting with top managers of National Payments Corporation of India (NPCI) and International Payments Limited (NIPL) on a cross-border transaction facility. Prime Minister Sheikh Hasina made that discussion a reality.

Bangladesh Bank signed a Memorandum of Understanding with India's NPCI International Payments Limited on Friday (September 8) following a meeting with Indian Prime Minister Narendra Modi at the outset of their state visit to the country. Foreign Minister AK Abdul Momen informed about this agreement among the three agreements executed.

While briefing in a press conference, the Foreign Minister said that three MoUs have been signed on facilitating mutual financial transactions, agricultural research and training and cultural exchange between the two countries.

Foreign Secretary Masud Bin Momen and State Minister for Foreign Affairs Shahriar Alam were present at the time.

It may be noted that, Prime Minister Sheikh Hasina is in New Delhi on a three-day visit to attend the G-20 summit. Her only daughter Saima Wazed Putul and nephew Redwan Mujeeb Siddique are accompanying her on this trip.

It is to be noted that on the 18th of last month, the State Minister of ICT of Bangladesh called upon the Deputy Governor of the country's central bank, Reserve Bank of India (RBI) T Ravi Shankar, regarding the joint partnership in the development of smart technology in inter-transaction between Bangladesh and India. He then discussed a MoU between the RBI and the World Bank and Bangladesh Government-funded Enhancing Digital Government and Economy (EDGE) project soon.