Favara-UPI Cross-Border Payment Corridor Goes Live Between Maldives and India

The Maldives Monetary Authority (MMA) announced that, on 30 July 2026, the Maldives instant payment system ‘Favara’ was integrated with India’s Unified Payments Interface (UPI), enabling real‑time fund transfers from the Maldives to UPI‑enabled bank accounts in India. The service, launched with Bank of Maldives Plc and Maldives Islamic Bank Plc, allows individuals to send remittances in Maldivian Rufiyaa, which are credited in Indian Rupees. Permitted categories include family‑maintenance and gift remittances. The corridor was realised after a July 2025 agreement between NPCI International Payments Limited and MMA, and further phases will add QR‑based merchant payments and other digital services, deepening bilateral economic ties.