Maldives soon to Introduce India’s RuPay Service to Strengthen Economy
Till now there is no specific launch date that has been announced, the initiative is seen as a step towards enhancing the country’s financial stability.
The Maldives is set to introduce India’s RuPay payment system, which aims to strengthen the Maldivian Rufiyaa.
Till now there is no specific launch date that has been announced, the initiative is seen as a step towards enhancing the country’s financial stability.
Recently, the Maldives confirmed that India and China will work together to facilitate an import payment system in their currencies. This policy change could potentially cut Maldives’ annual import costs of $1.5 million by almost half.
Maldives’ Minister of Economic Development and Trade, Mohamed Saeed, mentioned that both India and China have agreed to use their local currencies for bilateral trade. This strategy aims to reduce reliance on the US dollar and improve regional financial integration.
Read Also : Powergrid acquired Sirohi Transmission LimitedRuPay, created by the National Payments Corporation of India (NPCI), is India’s leading card payment network. It is widely accepted across ATMs, point-of-sale (POS) devices, and online platforms in India. Currently, RuPay is also accepted in several countries, including Bhutan, Nepal, Mauritius, UAE, and Singapore.
Read Also : GAIL to set up a bio-ethylene plant in India, signs MoU with PetronNews Must Read
- Powergrid acquired Sirohi Transmission Limited
- GAIL to set up a bio-ethylene plant in India, signs MoU with Petron
- HUDCO Signs MoU with Yamuna Expressway Industrial Development Authority
- DMRC signs MoU with NCRTC to enhance commuter convenience
- StoxBox’s Growth Picks: Top 7 Stocks for Investors
- MCL bags D&B Awards for Business Excellence
- BEML inks MoU with Malaysia's SMH RAIL Sdn. Bhd.
- RECPDCL Hands Over Rajasthan IV-A Power Transmission Limited to Apraava Energy
- NHPC Teesta Dam stunned to ruin by Massive Landslide
- NMDC Steel Limited Achieves First Major Production Milestone