223rd Day Of 2024 With 143 To Follow

UPI Almanac for Saturday, Aug. 10

223rd day of 2024 with 143 to follow

India, Maldives sign agreement to introduce Unified Payments Interface

India and Maldives have signed an agreement to introduce the Unified Payments Interface (UPI) in the archipelago nation, which will have a significant impact on digital transactions between the two countries.

The agreement was signed on Friday by Reserve Bank of India (RBI) Governor Shaktikanta Das and Maldives Monetary Authority (MMA) Governor Ali Hashim, according to a statement from the Indian Ministry of External Affairs.

The UPI is a real-time payment system that allows users to transfer funds between bank accounts using a mobile phone. It is one of the most popular payment systems in India, with over 1 billion transactions processed daily.

The introduction of UPI in Maldives will make it easier for people in both countries to send and receive money, and will also boost trade and tourism between the two nations.

"This agreement is a significant milestone in our bilateral relations and will further strengthen economic ties between India and Maldives," said Indian External Affairs Minister S. Jaishankar in a tweet.

The signing of the agreement comes just days after India and Maldives celebrated the 55th anniversary of the establishment of diplomatic relations between the two countries.

**Conclusion**

The introduction of UPI in Maldives is a major step forward in the digital transformation of the archipelago nation. It will make it easier for people in both countries to send and receive money, and will also boost trade and tourism between India and Maldives. This agreement is a testament to the strong and growing relationship between the two countries.