You can now use RuPay cards for payments in Maldives
In a bid to strengthen financial cooperation, India has launched the RuPay card in the Maldives. The development comes as a major milestone in the growing economic ties between both countries. The launch comes after detailed discussions between Prime Minister Narendra Modi and Maldivian President Mohamed Muizzu, during the latter's first official visit to India since taking office in November last year.
Maldivian President's visit to India aims to strengthen ties
Muizzu's four-day state visit is mainly aimed at repairing and strengthening ties that have been strained in recent years over political differences. This includes his earlier anti-India stance. Both leaders are now directing their efforts toward expanding cooperation in key areas like economic and maritime security. The introduction of the RuPay card is a direct outcome of these talks, aimed at facilitating seamless transactions between both countries and boosting tourism and trade ties.
Card launch witnessed by Modi and Muizzu
The first transaction with the newly launched RuPay card was witnessed by Modi and Muizzu together. Thanking the warm reception, Muizzu said, "PM Modi and I held extensive discussions, taking stock of our successful development journey together and charting a path for future collaboration." He added both leaders agreed on a comprehensive vision document outlining their roadmap for an enhanced economic and maritime security partnership.
Modi reaffirms India's commitment to supporting Maldives
PM Modi reiterated India's commitment to supporting the Maldives, highlighting the deep historical ties that unite the two countries. "India is the closest neighbor and friend of Maldives, and the Maldives holds an important place in our 'Neighborhood First' policy and 'SAGAR' Vision," he said. He also highlighted India's unwavering support for the Maldives in times of crisis, including prompt assistance during the COVID-19 pandemic and other emergencies.
Muizzu expresses intent for free trade agreement
On the economic front, President Muizzu said he plans to finalize a free trade agreement with India. The move is aimed at boosting bilateral trade and economic engagement. He also acknowledged India's financial aid, including the rollover of Treasury Bills and a currency swap agreement. These measures have given much-needed economic stability to the island nation, The Economic Times reported.
