Favara-UPI link goes live

4 days ago

The Maldives Monetary Authority (MMA) has launched a service linking the national instant payment system, Favara, with India’s Unified Payments Interface (UPI), enabling real-time transfers from the Maldives to India. The service was inaugurated on Thursday at the central bank by MMA Governor Ahmed Munawar. Foreign Minister Iruthisham Adam and Indian High Commissioner G. Balasubramanian attended the ceremony. The initial rollout is