Prime Minister Narendra Modi on Monday, along with Sri Lankan President Ranil Wickremesinghe and Mauritius Prime Minister Pravind Jugnauth, inaugurated the launch of Unified Payment Interface (UPI) services in Sri Lanka and Mauritius, and also RuPay card services in Mauritius via video conferencing.
The Mauritian PM informed that co-branded Rupay cards will be designated as domestic cards in Mauritius. Today’s launch, he said, will greatly facilitate the citizens of both countries.
The Sri Lankan President congratulated Prime Minister Modi for the consecration of Shri Ram Mandir at the Ayodhya Dham. He also emphasised the centuries-old economic relations. He hoped to maintain the momentum of connectivity and deepening the relationship between the two countries.
In an address on the occasion, Mr Modi said that today marks a special day for three friendly nations of India, Sri Lanka and Mauritius when their historic connections take the form of modern digital connect.
He said that it is proof of the government’s commitment towards the development of the people. The PM underlined fintech connectivity will further strengthen cross-border transactions and connections. “India’s UPI or United Payments Interface comes in a new role today – Uniting Partners with India,” he emphasised.
Mr Modi underlined that digital public infrastructure has brought about a revolutionary change in India, where the smallest of vendors in the remotest of villages are transacting via UPI and making digital payments.
Speaking about the convenience and speed of UPI transactions, the PM informed that more than 100 billion transactions took place via UPI last year worth Rs 2 lakh crores or 8 trillion Sri Lankan rupees or one trillion Mauritius rupees.
He also mentioned making last-mile delivery through the GEM Trinity of bank accounts, Aadhar and mobile phones where Rs 34 lakh crores or 400 billion US dollars has been transferred into the bank accounts of beneficiaries. The PM informed that with CoWin Platform India conducted the world’s biggest vaccination programme. “Use of technology is promoting transparency, reducing corruption and increasing inclusivity in society,” he said.
The PM stressed that India’s policy is ‘Neighbourhood First’. ”Our maritime vision is SAGAR i.e. Security and growth for all in the region. India does not see its development separately from its neighbours.”
Referring to the Vision Document that was adopted during the last visit of the Sri Lankan President, he highlighted the strengthening financial connectivity as its key component.