Maldives Integrates Favara Platform with India's UPI for Seamless Cross-Border Money Transfers

The Maldives has operationalized a real-time cross-border fund transfer system linked directly with India's payment architecture.
The service bridges Maldives' instant payment engine 'Favara' with India's Unified Payments Interface (UPI).
The strategic implementation involved collaboration among the Reserve Bank of India, Maldives Monetary Authority, NPCI International Payments Limited (NIPL), Bank of Maldives, and Maldives Islamic Bank.
This integration streamlines bilateral remittances, enhances trade efficiency, and benefits tourists and diaspora communities in both nations.

Key Facts / Static GK

Central Bank of Maldives: Maldives Monetary Authority (MMA)
NIPL Parent Organization: National Payments Corporation of India (NPCI)
Favara Operating Country: Maldives

Q Practice Quiz — 2 August 2026

1. What is the total financial outlay approved by the Union Cabinet for the Pradhan Mantri Surya Sarovar Yojana (PM-SSY)?

A Rs 3,15,614 crore

B Rs 5,070 crore

C Rs 84,084 crore

D Rs 29,054 crore

E Rs 7,387 crore

Explanation: The Pradhan Mantri Surya Sarovar Yojana (PM-SSY) was approved with a total financial outlay of Rs 5,070 crore over five years.

2. Which ministry is responsible for executing the newly approved offshore exploration scheme 'Samudra Manthan'?

A Ministry of Earth Sciences

B Ministry of Mines

C Ministry of Petroleum and Natural Gas

D Ministry of New and Renewable Energy

E Ministry of Environment, Forest and Climate Change

Explanation: The Samudra Manthan scheme is being implemented under the supervision of the Ministry of Petroleum and Natural Gas.

3. Which national instant payment platform of Maldives was linked with India's Unified Payments Interface (UPI) for cross-border transactions?

A PayNow

B Favara

C Pix

D FPS

E A network

Explanation: Maldives' instant payment network, Favara, was linked with India's UPI to facilitate real-time funds transfer.

4. Consider the following statements regarding the International Financial Services Centres Authority (IFSCA): 1. IFSCA was established under the IFSCA Act, 2019. 2. Its primary headquarters is situated in Mumbai, Maharashtra. 3. The Central Government extended K. Rajaraman's tenure as IFSCA Chairman until October 2028. Which of the statements given above are correct?

A 1 and 2 only

B 2 and 3 only

C 1 and 3 only

D 1, 2 and 3

E 3 only

Explanation: Statements 1 and 3 are correct. Statement 2 is incorrect because IFSCA headquarters is located at GIFT City, Gandhinagar, Gujarat, not Mumbai.

5. Where is the newly inaugurated Alluri Sitarama Raju International Airport located?

A Vijayawada, Andhra Pradesh

B Bhogapuram, Andhra Pradesh

C Tirupati, Andhra Pradesh

D Kurnool, Andhra Pradesh

E Rajahmundry, Andhra Pradesh

Explanation: The airport was constructed at Bhogapuram in the Vizianagaram district of Andhra Pradesh.

Take full quiz on PrepZen App →

Keep Learning with PrepZen

Get daily current affairs, live mock tests, mistake bank, vocab builder & more — all free on your phone.

Download Now — Free