Oman to start using UPI
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New Delhi, Oct 03: Oman is set to be the latest country in West Asia to start using India's RuPay card and UPI platform, which will benefit the huge Indian diaspora in the country. During the visit of the minister of state for external affairs V. Muraleedharan, an agreement will be signed between the National Payments Corporation of India (NPCI) and the Central Bank of Oman (CBO) for cooperation in digital finance and payments for the usage of RuPay and UPI.
Muraleedharan will be on an official visit to Oman on October 3rd and 4th. This will be his second visit to the Sultanate, during which he will meet the foreign minister Sayyid Badr bin Hamad bin Hamood Albusaidi, and attend community receptions, among various key engagements. He last visited Oman in December 2020, in the middle of the COVID-19 pandemic.
In west Asia, the RuPay card is used or is in the process of being used in the UAE, Bahrain, and Saudi Arabia. UAE was the first country in the gulf where RuPay was launched during PM Modi's August 2019 visit. RuPay is an Indian payment gateway like a Visa or Mastercard and is increasingly being expanded to India's neighboring countries or nations with a huge Indian diaspora. It was launched in Singapore in May 2018, followed by Bhutan and the Maldives. Oman hosts 650,000 Indians, who play a key role in the economic development of the country. Recently, Pankaj Khimji, who is an Omani of Indian origin, has been appointed adviser in the Omani ministry of commerce, industry, and investment promotion with the rank of vice minister, reportedly the first such appointment of an Indian-origin expat in a senior government position in the Gulf region. During the visit, MoS will also unveil the statue of Mahatma Gandhi at the premises of the Indian Embassy in Muscat. The life-size bronze statue of Gandhi Ji, commissioned by the Indian Council of Cultural Relations (ICCR), will be the first ever in Oman.
The visit is part of increased engagement between the two sides. Remember, the Omani secretary general for defence, foreign minister, and commerce minister visited India in February, March, and May 2022. India is one of the largest investors in Oman, with total investments of over US$ 7.5 billion. Bilateral trade is rising, with total trade in FY 2021-22 touching nearly US$ 10 billion. Oman plays an important role in supporting Indian naval deployments in the western Indian Ocean and the Persian Gulf.