India central bank meets with Maldives and Libya officials

During the “Samvaad 2026” international central banking seminar in New Delhi, the Governor of the Reserve Bank of India, Sanjay Malhotra, held separate meetings with officials from the Maldives and Libya to expand financial cooperation.

In discussions with Maldives Monetary Authority Governor Ahmed Munawwar, the two parties reviewed the progress of linking India’s Unified Payments Interface (UPI) with the Maldives’ national payment network, Favara. The governors also discussed the 30 billion Indian Rupee currency swap facility, which supports Maldivian foreign exchange reserves. Plans are underway to roll out ‘Person-to-Merchant’ (P2M) payment connectivity in the first half of next year to facilitate retail transactions for Indian travelers.

Additionally, Central Bank of Libya Governor Naji Issa met with Governor Malhotra to discuss digital payment systems and trade-related payments. Following bilateral trade reaching approximately $1.33 billion in 2025, the banks agreed to a knowledge transfer program. This initiative will involve training Libyan IT and information security staff in India, focusing on cybersecurity, risk management, and artificial intelligence applications in the financial sector.