How RBI works with other countries to make UPI global?
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The Reserve Bank of India (RBI) is partnering with multiple countries, to globalize the Unified Payments Interface (UPI), as revealed in the Economic Survey 2023-2024. The bank's objective is to improve efficiency in cross-border payment systems. Notably, RBI has become a part of Project Nexus. It is an international initiative aimed at integrating India's Fast Payments System (FPS), or UPI, with their respective FPSs, for cross-border person-to-person and person-to-merchant payments.