New Upcoming Legal Jobs Free Workshop March 11 at 5 PM. Register here

    Question

    Maldives President Mohamed Muizzu has introduced

    India’s Unified Payments Interface (UPI) to boost the country’s economy. Which organization will manage the introduction of UPI in the Maldives?
    A Maldives National Bank Correct Answer Incorrect Answer
    B Maldives Tourism Ministry Correct Answer Incorrect Answer
    C TradeNet Maldives Corporation Correct Answer Incorrect Answer
    D Ministry of Foreign Affairs Correct Answer Incorrect Answer
    E Monetary Authority of Maldives Correct Answer Incorrect Answer

    Solution

    Maldives President Mohamed Muizzu has announced a major step to help the country’s economy by introducing India’s Unified Payments Interface (UPI). UPI, developed by the National Payments Corporation of India (NPCI), allows quick and easy money transfers between banks using mobile phones. To manage the introduction of UPI, President Muizzu has set up a group led by TradeNet Maldives Corporation Limited. This group, or consortium*, will bring together Maldivian banks, telecom companies, state-owned enterprises, and financial technology (fintech) firms to help roll out UPI nationwide.

    Practice Next

    Relevant for Exams: