The two countries’ relations have been enhanced and Maldives has planned to launch India’s RuPay service. At the same time, they didn’t mention the exact launch date.
“Currently, we are discussing this problem with India to find possibilities of making payments in rupiah,” says a minister from Maldives.
It is worth noting that, unlike other networks, RuPay is an Indian card payment network developed by the National Payments Corporation of India (NPCI), which allows customers to use it extensively at ATMs, POS devices, and e-commerce websites across the country.
A “Maldivian Rufiyaa” will be strengthened by this development mentioned by a Maldivian minister.
Also read: Narayana Murthy: Trust and respect for customers are essential for businesses to flourish
In line with these words, Minister of Economic Development and Trade Mohamed Saeed said “One priority for the current administration will be addressing the dollar issue and reinforcing MVR”.
“In August 2022,” then President of Maldives Ibrahim Mohamed Solih said “Welcomed progress on implementing Rupay Cards in Maldives. They also agreed on considering further steps to increase bilateral travel tourism and economic inter-linkages.”
Maldives has announced that India and China are seeking ways of settling import payments in their respective currencies other than the US dollar.
His Excellency revealed that this discussion took place a fortnight ago when he met with the High Commissioner of India and, as advised by Munu Mahawar, New Delhi will stand by them on this matter.
According to Saeed, the shift is expected to enable Male to reduce its annual import bill from both countries by almost 50% which stands at $1.5 million.
In July 2023, the Republic of India confirmed the Maldives among the 22 nations where the Reserve Bank of India permitted the opening of Special Rupee Vostro Accounts (SRVAs) for boosting bilateral trade through local currency mode.
In recent years, numerous banks and payment companies from various parts of the world have partnered with NPCI International Payments Ltd (NIPL), the international subsidiary arm of NPCI, to accept UPI including RuPay in one form or another.
For the latest news and trending news, follow Newspulse24live on Instagram. and join our WhatsApp group
