Maldives-India Real-Time Cross-Border Payment Link Launched

The Maldives Monetary Authority announced that its instant payment system, Favara, has been integrated with India’s Unified Payments Interface (UPI). The corridor went live on 30 July 2026, enabling real‑time transfers from the Maldives to UPI‑enabled Indian bank accounts.

Initially, two Maldivian banks – Bank of Maldives Plc and Maldives Islamic Bank Plc – can process person‑to‑person remittances in Maldivian rufiyaa that are credited in Indian rupees. Permitted categories include family‑maintenance and gift remittances. The launch reflects close cooperation between the Maldives Monetary Authority, the Reserve Bank of India, NPCI International Payments Limited and participating financial institutions, and is expected to speed up cross‑border payments for families, workers and businesses, strengthening economic ties between the two countries.