Latest updates shared on linking UPI with Fawri
Appreciation expressed for the first rollover under the currency swap facility
Maldives Monetary Authority (MMA) Governor Ahmed Munawar has met with Reserve Bank of India (RBI) Governor Sanjay Malhotra during his ongoing visit to India.
The meeting took place in New Delhi on the sidelines of Samvad 2026, an international seminar organised by the RBI specifically for central banks.
During the meeting, Governor Munawar expressed his appreciation to the RBI for facilitating the first rollover under the INR 30 billion currency swap facility. He also shared the latest updates on efforts to link India’s Unified Payments Interface (UPI) with the Maldives’ Fawri payment system.
According to the MMA, the two governors discussed the proposed person-to-merchant payment linkage, which is scheduled to be introduced during the first six months of next year.
The initiative is intended to make financial transactions more convenient for tourists and further strengthen trade and commercial ties between the two countries.
The governors also discussed ways to enhance cooperation between the central banks of the Maldives and India.
The Maldives’ Fawri payment system was linked with India’s UPI on 30 July this year. The MMA described the development as a significant milestone in the Maldives’ financial history, noting that it would make money transfers between the two countries more convenient.
