Maldives Monetary Authority (MMA) has launched the India-Maldives UPI Corridor service through the Maldives Islamic Bank (MIB).

The service links the Maldives' instant money transfer system, Favara, with India's Unified Payments Interface (UPI), enabling customers to send money quickly, securely and conveniently between the two countries.

The service allows customers to transfer money directly from their Maldivian rufiyaa accounts to Indian rupee accounts. It is currently available only for person-to-person transfers.

MIB said customers can send the MVR equivalent of up to USD 250 per month. The monthly limit will reset at the beginning of each month.

At present, the service can only be used for family expenses. Funds must be transferred to the personal bank account of a Maldivian family member residing in India, MIB said.

According to the bank, the India-Maldives UPI Corridor provides a secure, convenient and reliable way for Maldivian families and the public to send money to India.

The Favara-UPI link was launched yesterday, allowing customers to make instant transfers from Maldivian rufiyaa accounts to India.