“Favara” is the Instant Payment System (IPS) provided in collaboration with MMA to enable instant domestic transfers between local banks.
Favara is available for transfers between Bank of Maldives (BML), State Bank of India (SBI) and Maldives Islamic Bank (MIB).
Favara Transfers made from Bank of Maldives to MIB and SBI are instant through Favara, available on Internet Banking for all BML customers.
All transactions on Favara are counted within the daily Internet Banking transfer limit of MVR 200,000.
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