News Desk
NEW DELHI — The Governor of the Maldives Monetary Authority (MMA), Ahmed Munawwar, met with the Governor of the Reserve Bank of India (RBI), Sanjay Malhotra, in New Delhi to discuss deepening bilateral financial cooperation and advancing digital payment integration between the two nations.
The high-level meeting took place on the sidelines of “Samvaad 2026”, an international central banking seminar organized by the RBI.
During the talks, Governor Munawwar expressed gratitude to the RBI for approving the initial rollover of the 30 billion Indian Rupee currency swap facility extended to the Maldives. The facility has played a key role in supporting the Maldives’ foreign exchange reserves and macroeconomic stability.
The two central bank governors also reviewed the operational progress of linking India’s Unified Payments Interface (UPI) with the Maldives’ national fast payment network, Favara. The initial interlinking was established on 30 July, marking a major milestone in the country’s financial infrastructure and cross-border payment efficiency.
Looking ahead, the MMA confirmed that discussions focused on rolling out ‘Person-to-Merchant’ (P2M) payment connectivity during the first half of next year.
Once fully operational, the P2M integration will enable Indian tourists and business travelers to seamlessly make retail transactions across the Maldives using domestic payment apps, boosting commerce and strengthening economic linkages between the two neighbors.
