KATHMANDU, Feb. 16 -- The authorities concerned of Nepal and India have stepped up measures to develop a separate mechanism for an electronic payment system between the two countries. This has been agreed upon at the government level.

According to Nepal Rastra Bank (NRB), National Payments Interface, Nepal and Unified Payment Interface, India on Thursday inked an agreement in this regard. In the bilateral agreement, the two sides consented on establishing a joint mechanism to look over the transaction to be carried out via the electronic payment system. NRB Governor Maha Prasad Adhikari and Reserve Bank of India (RBI) Governor Shaktikanta Das were present at the agreement signing ceremony, which was held in Mumbai, India.

The initiative...