India and Maldives Launch Live Favara-UPI Cross-Border Payment System
The initiative supports foreign inward/outward remittances for family upkeep as well as outward gift transfers.
NPCI International Payments Ltd (NIPL) joined hands with the Maldives Monetary Authority (MMA) to link Maldives' Favara network with India's UPI system.
Initial banking institutions onboarded for the deployment include Bank of Maldives Plc and Maldives Islamic Bank Plc.
Exam Significance: Highlights India's growing digital public infrastructure expansion and bilateral payment integration across the South Asian region.
Key Facts / Static GK
Favara: Instant Payment System of Maldives
Maldives Currency: Maldivian Rufiyaa (MVR)
Q Practice Quiz — 1 August 2026
1. Which two organizations collaborated to launch the Favara-UPI cross-border payment corridor between Maldives and India?
Explanation: The Favara-UPI payment corridor was jointly launched by NPCI International Payments Ltd (NIPL) and the Maldives Monetary Authority (MMA).
2. What percentage of stake will Patanjali Ayurved hold in Magma General Insurance following the IRDAI-approved acquisition?
Explanation: Under the Share Purchase Agreement, Patanjali Ayurved holds a 73.56% stake while DS Group holds 24.50%.
3. Which entity is a joint venture partner along with M Pallonji Group in ProTec General Insurance Limited?
Explanation: ProTec General Insurance is a joint venture between M Pallonji Group and True North (led by Divya Sehgal).
4. Where has India's first dedicated Department of Military Medicine been established?
Explanation: India's first dedicated Department of Military Medicine was inaugurated at Command Hospital (Central Command) in Lucknow, Uttar Pradesh.
5. How many Advanced Skill Centres (ASCs) for drone technology will be established in the first phase of the NSDC-AVPL partnership?
Explanation: Out of the total 350 planned Advanced Skill Centres (ASCs), the first phase aims to set up 75 ASCs.
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