India, Oman to Sign Pact on Digital Finance & Payments

In a significant step to expand strategic ties with Oman, New Delhi and Muscat will soon sign an agreement between the National Payments Corporation of India (NPCI) and the Central Bank of Oman (CBO) for cooperation in digital finance and payments.

The landmark agreement will facilitate using RuPay cards and the UPI platform in Oman and collaboration for seamless digital remittances, benefitting Indian workers and professionals.

The agreement will be signed during the visit of Minister of State for External Affairs V Muraleedharan to Muscat on Monday and Tuesday. This will be his second visit to Oman and the first high-level visit from India to Oman in the post-pandemic phase. He last visited Oman in December 2020, in the middle of the Covid-19 pandemic.

Sources said that his visit is aimed at comprehensively reviewing the state of bilateral relations and working on new proposals to take the relationship to a higher level.

After a brief lull due to pandemic-induced disruptions, high-level visits and exchanges have resumed with Oman. Omani Secretary General for Defense, Foreign Minister and Commerce Minister visited India in February, March and May 2022, respectively.