RuPay card payments launched in Maldvies; PM Modi, President Muizzu witness 1st transaction (WATCH)
In a significant development of financial collaboration between India and the Maldives, the Indian government on Monday introduced the RuPay card to the island nation.
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FollowIn a significant development of financial collaboration between India and the Maldives, the Indian government on Monday introduced the RuPay card to the island nation. This initiative comes on the heels of recent discussions between Indian Prime Minister Narendra Modi and Maldives President Mohamed Muizzu. The talks, aimed at strengthening bilateral ties, resulted in the decision to launch the Indian payment system, which is expected to enhance convenience for tourists and residents, facilitating seamless transactions across various sectors.
The leaders witnessed the first transaction using RuPay cards in the Maldives, signaling strengthened digital ties between the two countries. PM Modi noted the importance of enhancing digital connectivity as part of the broader collaboration, "We have focused on digital connectivity. RuPay card payments introduced in the Maldives," he said during the discussions.
PM Modi and Maldives President Mohamed Muizzu held wide-ranging discussions on repairing and enhancing the bilateral relationship between India and the Maldives. Muizzu arrived in India for a four-day state visit, marking his first official trip since taking office in November last year.
The talks come after a period of strained relations due to political differences, including Muizzu's earlier anti-India stance, which had raised concerns about the future of cooperation between the two countries.
As the Maldives faces significant economic challenges, India continues to provide financial assistance. During the visit, PM Modi announced that India would extend its support by rolling over a USD 50 million Treasury Bill for another year, offering essential budgetary relief to the Maldivian government. This assistance is part of India’s ongoing efforts to help stabilize the Maldivian economy, which has been affected by the pandemic and other financial pressures.
PM Modi further confirmed India's support for the development of a new commercial port in Thilafushi, a key industrial hub in the Maldives. "Support will also be provided for the development of a new commercial port in Thilafushi," he said.
This port is expected to play a vital role in boosting trade and economic activities, contributing to the overall development of the archipelago.
"Today, more than 700 social housing units built with Indian assistance have been handed over," PM Modi stated, emphasizing India's ongoing efforts to support the Maldives in critical areas of development.
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