Finally Live - Foreign Inward Remittance (FIR) through Unified Payment Interface (UPI)

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 Which Bank will be the first to offer FIR through UPI??




NPCI vide Circular No NPCI /UPI/OC No.48/2018-19 May 9, 2018 announced the Go-Live of Foreign Inward Remittance (FIR) through Unified Payment Interface (UPI).

          NPCI initiated this project few months back and finally NPCI has received RBI approval to process the domestic leg of Foreign Inward Remittances (FIR) into Bank Accounts through UPI.

          With this approval, member banks of UPI can process push inward foreign inward transactions through both the UPI products viz. IMPS & UPI for allowing credit into beneficiary’s account.

As a safety measure, this facility is only available e to Banks having the audit trail of the entire chain of the remittance and that such transfers take place only to the KYC compliant accounts.

It is also incumbent upon the banks to abide by the extant and future RBI, FEMA and other relevant guidelines in this regard.

FIR through UPI is a credit push similar to extant NEFT and IMPS, the incremental advantage provided is credit to beneficiary can be done basis a UPI ID, in addition to account no. and IFSC.

To facilitate FIR transactions in UPI NPCI  have incorporated new elements, viz. “institution block” and“initiation mode-12” as an identifier for FIR transaction.

These tags in UPI contain relevant information about the initiator and the originating institution. 

Member banks are required to undergo relevant certification to enable this functionality of FIR through UPI.

Member banks are advised to please refer our latest Technical Specification Document (TSD) circulated for further details in this regard.

         
Member Banks are advised to examine the above use case and take it forward for implementation.

With over 97 Banks live on the UPI platform, this new ‘use case’, will further boost the UPI volumes in Bharat-India.

The main plus point is the large number of cooperative banks on the UPI platform which will expand the scope of  Foreign Inward Remittances (FIR) and increase the average balances for the cooperative banks.

The certification for FIR mode has to be done only the initiation banks and not the receiver banks.
List of UPI Banks Live as on 30/04/2018
Sr. No.  Bank Name        Details
1            Airtel Payments Bank     PSP & Issuer
2            Allahabad Bank PSP & Issuer
3            Andhra Bank     PSP & Issuer
4            Axis Bank           PSP & Issuer
5            Bank Of Baroda               PSP & Issuer
6            Bank Of India    PSP & Issuer
7            Bank of Maharashtra     PSP & Issuer
8            Canara Bank      PSP & Issuer
9            Catholic Syrian Bank      PSP & Issuer
10          Centralﾠ Bank of india   PSP & Issuer
11          City Union Bank              PSP& Issuer
12          DBS Digi Bank    PSP & Issuer
13          DCB Bank           PSP & Issuer
14          Dena Bank         PSP & Issuer
15          Equitas Small Finance Bank        PSP & Issuer
16          Federal Bank     PSP & Issuer
17          HDFC    PSP & Issuer
18          HSBC     PSP & Issuer
19          ICICI Bank          PSP & Issuer
20          IDBI Bank           PSP & Issuer
21          IDFC      PSP & Issuer
22          Indian Bank       PSP & Issuer
23          Indian Overseas Bank    PSP & Issuer
24          IndusInd Bank   PSP & Issuer
25          Jammu & Kashmir Bank               PSP & Issuer
26          Karnataka Bank PSP & Issuer
27          Karur Vysaya Bank         PSP & Issuer
28          Kotak Mahindra Bank    PSP& Issuer
29          Oriental Bank of Commerce       PSP & Issuer
30          Paytm Payments Bank   PSP & Issuer
31          Punjab and Sind Bank    PSP & Issuer
32          Punjab National Bank    PSP & Issuer
33          South Indian Bank          PSP & Issuer
34          Standard Chartered       PSP & Issuer
35          State Bank Of India        PSP & Issuer
36          Syndicate Bank PSP & Issuer
37          The Lakshmi Vilas Bank Limited PSP & Issuer
38          The Ratnakar Bank Limited         PSP & Issuer
39          The Thane Janta Sahakari Bank Ltd(TJSB)             PSP & Issuer
40          UCO Bank           PSP & Issuer
41          Union Bank of India       PSP & Issuer
42          United Bank of India      PSP & Issuer
43          Vijaya Bank        PSP & Issuer
44          Yes Bank             PSP & Issuer
45          Corporation Bank           Issuer
46          G P Parsik Bank Issuer
47          Vasai Vikas Co-op Bank Ltd         Issuer
48          Thane Bharat Sahakari Bank      Issuer
49          Apna Sahakari Bank       Issuer
50          Rajkot Nagari Sahakari Bank Ltd               Issuer
51          Punjab and Maharastra Co. bank            Issuer
52          The Mehsana Urban Co-Operative Bank              Issuer
53          The Saraswat Co-Operative Bank            Issuer
54          Citibank              Issuer
55          The Kalyan Janta Sahkari Bank   Issuer
56          Kallappanna Awade Ichalkaranji Janata Sahakari Bank Ltd.          Issuer
57          The Gujarat State Co-operative Bank Limited      Issuer
58          The Hasti Co-operative Bank Ltd              Issuer
59          The Mahanagar Co-Op. Bank Ltd             Issuer
60          Kerala Gramin Bank       Issuer
61          Pragathi Krishna Gramin Bank   Issuer
62          Karnataka vikas Gramin Bank     Issuer
63          Andhra Pragathi Grameena Bank            Issuer
64          Prathama Bank Issuer
65          Maharashtra Grameen Bank      Issuer
66          Purvanchal Bank             Issuer
67          Chhattisgarh Rajya Gramin Bank             Issuer
68          Andhra Pradesh Grameena Vikas Bank  Issuer
69          Janta Sahakari Bank Pune           PSP & Issuer
70          Bandhan Bank  Issuer
71          FINO Payments Bank     PSP & Issuer
72          Allahabad UP Gramin Bank         Issuer
73          Saurashtra Gramin Bankﾠ           Issuer
74          Malwa Gramin Bank      Issuer
75          Telangana Gramin Bank              Issuer
76          Uttarakhand Gramin Bank          Issuer
77          Vananchal Gramin Bank              Issuer
78          Meghalaya Rural Bank   Issuer
79          Cosmos Bank    Issuer
80          Kaveri Grameen Bank    Issuer
81          Tamilnad Mercantile Bank          Issuer
82          Rajasthan Marudhara Gramin Bank        Issuer
83          Mizoram Rural Bank      Issuer
84          Bassein Catholic Coop Bank        Issuer
85          Langpi Dehangi Rural Bank         Issuer
86          Aditya Birla        Issuer
87          Assam Gramin Vikas Bank          Issuer
88          The Vishweshwar Sahakari Bank Ltd       Issuer
89          Jalgaona Janata Sahkari Bank     Issuer
90          Manipur Rural Bank       Issuer
91          Tripura Gramin Bank     Issuer
92          Dombivali Nagrik Sahakari Bank              Issuer
93          Kashi Gomti Samyut Gramin Bank           Issuer
94          Chaitanya Godavari Grameena Bank      Issuer
95          Dena Gujarat Gramin Bank         Issuer
96          The Vishweshwar Sahakari Bank Ltd       Issuer
97          Jio Payment bank           Issuer


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