Singapore & Nirmala Sitharaman

Singapore: Deepened partnership with India, enhancing its role as a key investment and trade hub.

Nirmala Sitharaman: Co-led the ministerial delegation, participating in high-level talks to deepen economic cooperation.

Singapore: Singapore hosts the new chancery and ministerial roundtable, reinforcing its role as a key partner and investment hub for India.

Nirmala Sitharaman: As Finance Minister, she is expected to participate in the ministerial roundtable, contributing to economic discussions.

Singapore: NRIs in Singapore are among those showing significant interest in the deposit schemes.

Nirmala Sitharaman: As Finance Minister, she led the review meeting and urged banks to enhance NRI outreach, reinforcing policy direction.

Singapore: Singapore is one of the 11 countries where UPI is operational, part of UPI's international footprint.

Nirmala Sitharaman: The Finance Minister confirmed that any MDR burden will fall on merchants, not customers, and tabled amendments to allow MDR on UPI transactions under certain conditions. This policy stance could affect the economics of UPI for banks and fintechs.

Singapore: Singapore is one of the countries where UPI already operates, serving as a model for future expansion.

Nirmala Sitharaman: As Finance Minister, Nirmala Sitharaman commented on UPI charges, indicating that NPCI has yet to decide on any fees, which could affect the payment ecosystem.