India and UAE sign strategic partnership agreement for developing and launching of UAE’s payment card scheme based on RuPay card

India and UAE sign strategic partnership agreement for developing and launching of UAE’s payment card scheme based on RuPay card

• Union Commerce and Industry Minister Piyush Goyal is on a two-day visit to the United Arab Emirates (UAE). On the first day of his visit, the minister co-chaired the 11th meeting of the India-UAE High-level Task Force on Investments (HLTFI) with the Managing Director of Abu Dhabi Investment Authority (ADIA) Sheikh Hamed bin Zayed Al Nahyan. During the meeting, the two leaders reviewed the existing bilateral investments by companies from both countries investing into the UAE and India and also explored bilateral investments in a number of key sectors with the potential for future joint trade and investment cooperation.
• The two leaders also witnessed the signing of a strategic partnership agreement between National Payments Corporation of India (NPCI) and Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE for Domestic Card Scheme Implementation in UAE. As per the agreement, NPCI and AEP will work together to build, implement, and operationalize UAE's national domestic card scheme modelled on India’s RuPay card.

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Published date : 06 Oct 2023 04:46PM