NEW DELHI: India and Sri Lanka on Friday signed a host of agreement including the acceptance of Unified Payments Interface (UPI) technology in the island country.
Apart from pact on UPI, India and Sri Lanka also agreed to conduct feasibility studies on petroleum line, land bridge connectivity between the countries, PM Narendra Modi said in a joint briefing with Sri Lankan President Ranil Wickremesinghe in New Delhi.
“Sri Lanka also has an important place in both India’s ‘Neighbourhood First’ policy and ‘SAGAR’ vision. Today we shared our views on bilateral, regional and international issues. We believe that the security interests and development of India and Sri Lanka are intertwined,” PM Modi said.
Last year, Sri Lanka faced a severe financial crisis, teetering on the brink of running out of foreign currency reserves, and struggled to fund crucial imports such as fuel and medicine. During this critical period, India played a crucial role in providing support to Sri Lanka.
Between January and July 2022, New Delhi extended approximately $4 billion in rapid assistance to Colombo, helping the island nation tackle its pressing economic challenges.
Sri Lankan President Ranil Wickremesinghe said the two countries have agreed on a “vision” to enhance their economic partnership.
The UPI payments system has gained immense popularity for digital retail payments in India, with its adoption growing rapidly.
So far, France, UAE, and Singapore had parterned with India on the emerging fintech and payment solutions.
India is also holding talks with Indonesia for an agreement on UPI.
(With inputs from agencies)

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