Loading…
Real-time transfers between Maldives and India began on 30 July 2026 through the Favara-UPI corridor, linking Maldives' instant payment system (Favara) with India's UPI.
Transactions can be initiated in Maldivian Rufiyaa (MVR) or US Dollars and are settled instantly in Indian Rupees in UPI-enabled Indian accounts.
In the initial phase, the facility covers customers of Bank of Maldives Plc and Maldives Islamic Bank Plc, with a monthly limit of ₹24,000 per customer for permitted categories: family maintenance, education, medical treatment, and gifts.
The corridor was developed via a July 2025 agreement between NPCI International Payments Limited (NIPL) and the Maldives Monetary Authority (MMA); future phases will add QR-based merchant (P2M) payments.
Maldives' central monetary authority
Handles international expansion of UPI-based systems
Agreement signed between NIPL and MMA to integrate Favara with UPI
Favara-UPI corridor goes live for person-to-person transfers
GS Paper II/III > India's Neighbourhood, Digital Payments
Banking Awareness > UPI International Expansion
The Maldives' instant payment system, now linked with India's UPI for cross-border transfers