Maldives Monetary Authority (MMA) and Reserve Bank of India (RBI) operationalize Favara-UPI cross-border payment corridor

Key facts

• The Favara-UPI cross-border payment corridor was operationalized on July 30, 2026, enabling real-time transfers from Maldivian Rufiyaa (MVR) to Indian Rupees (INR).
• The service is initially available through Bank of Maldives Plc and Maldives Islamic Bank Plc for person-to-person (P2P) transfers to UPI-enabled bank accounts in India.
• Permitted remittance categories include family maintenance and gift-related remittances under Foreign Inward and Foreign Outward Remittance regulations.
• The implementation involved collaboration between the MMA, RBI, NPCI International Payments Limited (NIPL), and participating financial institutions.
• The formal agreement for the Favara-UPI integration was executed between NIPL and MMA in July 2025.
• Subsequent phases will introduce QR-based merchant payments and other innovative digital payment services.