Bahrain and India Strengthen Financial Ties with Launch of Cross-Border Instant Payment Linkage

The Central Bank of Bahrain (CBB)  announces the signing of a partnership agreement between The BENEFIT Company (BENEFIT)  and NPCI International Payments Limited (NIPL),  the international arm of the National Payments Corporation of India (NPCI).  The agreement sets in motion a cross-border collaboration between the Kingdom of Bahrain and the Republic of India’s instant payment systems, under the supervision of the CBB and the Reserve Bank of India (RBI).

The signing ceremony was held at the CBB premises, whereby Mr. Abdulwahed Al Janahi, Chief Executive of BENEFIT; and Mr. Ritesh Shukla, Managing Director and Chief Executive Officer of NIPL signed the agreement, in the presence of Ms. Hesa Abdulla Al Sada, Executive Director of Central Banking and Macroprudential Oversight at the CBB and Mr. Gunveer Singh, Chief General Manager-in-Charge, Department of Payment and Settlement Systems at the RBI.

The collaboration represents a key milestone in strengthening financial integration between the two nations. It will enable the linkage of Bahrain’s Electronic Fund Transfer System (EFTS), mainly the Fawri+ service, operated by BENEFIT, with India’s Unified Payments Interface (UPI), allowing residents in both countries to make instant payments and transfers in a secure and seamless manner.

This joint endeavor is part of CBB’s strategic efforts to provide advanced payment services that align with global trends and enhance regional and international financial integration, thereby contributing to Bahrain’s global economic competitiveness.