Favara–UPI corridor links Maldives and India
The Maldives Monetary Authority announced on 30 July 2026 that its instant payment system, Favara, is now linked with India's UPI, the Finance Ministry said on 31 July. People in the Maldives can send money in real time from their mobile banking apps to UPI-enabled bank accounts in India. Payments start in Rufiyaa and arrive in Rupees.
UPSC angle: Prelims: UPI cross-border links.
31 Jul 2026