New Delhi, July 31 -- The Maldives Monetary Authority (MMA) announced the operationalisation of the integration between the Maldives Instant Payment System, Favara, and India's Unified Payments Interface (UPI) on July 30, 2026, enabling real-time person-to-person fund transfers from the Maldives to UPI-enabled bank accounts in India.

The service initially involves Bank of Maldives Plc and Maldives Islamic Bank Plc. Customers of these banks can initiate P2P transfers through their mobile banking applications using the Favara payment rail. Transactions are initiated in Maldivian Rufiyaa (MVR) and credited to recipients in Indian Rupees (INR) through UPI.

The service currently covers permitted remittance categories, including family-mainte...