In a major step toward strengthening bilateral financial cooperation, the Governor of the Maldives Monetary Authority (MMA), Ahmed Munawar, met with the Governor of the Reserve Bank of India (RBI), Sanjay Malhotra, on Sunday, October 19, 2026, in New Delhi.
The high-level meeting took place on the sidelines of Samvad 2026, a prominent international central banking seminar organized by the RBI.
During the meeting, Governor Munawar expressed appreciation to the Reserve Bank of India for approving the first rollover of the INR 30 billion currency swap facility, which provides crucial foreign exchange support to the Maldives.
The two central bank heads focused significantly on advancing digital payment infrastructure linkages between both nations:
UPI–Favara Linkage Update: Progress was reviewed on integrating India’s Unified Payments Interface (UPI) with the Maldives’ instant payment system, Favara.
P2M Rollout Timeline: Discussions covered expanding connection capabilities to Person-to-Merchant (P2M) payments, targeted for official launch by the first half of 2027.
Once operational, the P2M cross-border payment integration will allow Indian tourists visiting the Maldives to make direct digital payments seamlessly, while simultaneously lowering transaction friction and bolstering bilateral trade.
Beyond payment systems, Governors Munawar and Malhotra discussed broader strategic avenues to enhance institutional collaboration between the MMA and the RBI.
The discussion highlights growing momentum in financial alignment and economic partnership between India and the Maldives.
The Maldivian delegation accompanying Governor Munawar included; Mariyam Rashfa, Managing Director of Monetary Policy, Economics, and Statistics at the MMA & Abdulla Nasif, Deputy Manager of the Licensing Section at the MMA.