The Maldives Monetary Authority (MMA) has announced the successful go‑live of the Favara‑UPI cross‑border payment corridor, enabling individuals in the Maldives to transfer funds in real time to UPI‑enabled bank accounts in India.
The service, launched on July 30, reflects close collaboration between the MMA, Reserve Bank of India (RBI), NPCI International Payments Limited (NIPL), and participating banks. Initially, Bank of Maldives Plc and Maldives Islamic Bank Plc are offering the facility, allowing customers to initiate person‑to‑person transfers directly through mobile banking apps.
Transactions are initiated in Maldivian Rufiyaa (MVR) and credited in Indian Rupees (INR) via UPI. Permitted categories include family maintenance remittances and gift‑related transfers.
The corridor marks a transformative step in bilateral economic cooperation, with future phases set to introduce QR‑based merchant payments and other innovative services.
UPI is now accepted in nine countries — Cambodia, Singapore, UAE, France, Mauritius, Nepal, Bhutan, Qatar, and Sri Lanka — enabling Indian travellers to make seamless payments abroad.