India introduces RuPay card in Maldives amid strengthening bilateral talks

President Muizzu's four-day state visit is aimed at repairing and strengthening ties

In a step toward enhancing financial collaboration, India has introduced the Rupay card in the Maldives, marking a new phase in the growing economic partnership between the two nations. The launch comes in the wake of wide-ranging discussions between Indian Prime Minister Narendra Modi and Maldives President Mohamed Muizzu, who is on his first official visit to India since taking office in November last year.

#WATCH | Delhi: RuPay card payments introduced in Maldives. Prime Minister Narendra Modi and Maldives President Mohamed Muizzu witness the first such transaction. pic.twitter.com/zuYbuFAsVL
ANI (@ANI) October 7, 2024

President Muizzu's four-day state visit is aimed at repairing and strengthening ties that had been strained in recent years due to political differences, including Muizzu’s previous anti-India stance. The visit marks a reset in relations, with both leaders focused on expanding cooperation across key areas, including economic and maritime security.

Taking forward - special ties!PM @narendramodi warmly received President @MMuizzu of Maldives as the latter arrived at Hyderabad House.Extensive discussions on - bilateral relations lie ahead. pic.twitter.com/j1ehhEGJJn Randhir Jaiswal (@MEAIndia) October 7, 2024

The discussions culminated in the introduction of the Rupay card, which is expected to facilitate seamless transactions between the two countries, boosting tourism and trade ties. Speaking on the bilateral talks, Maldives President Muizzu expressed his gratitude for the warm reception.

“Let me start by conveying my sincere gratitude to President Droupadi Murmu for the invitation. I also thank PM Modi, the government, and the friendly people of India for the warm welcome. PM Modi and I held extensive discussions, taking stock of our successful development journey together and charting a path for future collaboration. We agreed on a comprehensive vision document, a vision for comprehensive economic and maritime security partnership,” said Maldives President Mohamed Muizzu.

Both leaders agreed on a comprehensive vision document that outlines the roadmap for a strengthened economic and maritime security partnership. Prime Minister Modi reaffirmed India’s commitment to supporting the Maldives, stressing the deep historical ties between the two countries. "India is the closest neighbour and friend of Maldives, and the Maldives holds an important place in our 'Neighbourhood First' policy and 'SAGAR' Vision," Modi stated.

#WATCH | Delhi: Prime Minister Narendra Modi says, "Development partnership is an important pillar of our (India-Maldives) relations. We have always given preference to the priorities of the people of Maldives. This year, SBI did a rollover of 100 million dollars of the Treasury pic.twitter.com/tM2Cr7Mwl9 ANI (@ANI) October 7, 2024

Modi also highlighted India’s consistent support to the Maldives during times of crisis, referencing India's swift assistance during the COVID-19 pandemic and other emergencies. "India has always acted as the first responder for the Maldives, whether it was providing vaccines or essential commodities," he noted.

On the economic front, President Muizzu indicated his intent to conclude a free trade agreement with India, aiming to boost bilateral trade and economic engagement. He also expressed appreciation for India’s financial assistance, including the rollover of Treasury Bills and a currency swap agreement, which have provided much-needed economic stability to the island nation, according to a report by The Economic Times.

The visit is expected to pave the way for further collaboration between India and the Maldives, especially in areas of trade, security, and financial integration.