Current Affairs 03 August 2026

India and Maldives Introduce Favara–UPI Cross-Border Payment Link.

• India and Maldives launched the Favara–UPI cross-border payment corridor.
• Integrates Maldives’ Favara with India’s UPI for real-time P2P transfers.
• Transfers are sent in MVR and credited in INR.
• Initially supports family-maintenance and gift remittances.
• Developed by MMA, RBI and NIPL.
• Strengthens India–Maldives digital payment connectivity.

Saudi Arabia Heads 14-Nation Red Sea Maritime Defence Alliance.

• Saudi Arabia announced a 14-nation maritime defence alliance for Red Sea security.
• Coverage: Red Sea, Bab el-Mandeb Strait and Gulf of Aden.
• Leadership: Saudi Arabia will lead the alliance and host its headquarters.
• Key members: Turkey, Pakistan, Egypt, Sudan and Djibouti, among others.
• Objectives: Protect commercial shipping and energy infrastructure and counter maritime/aerial threats.
• Cooperation: Joint naval patrols, intelligence sharing and maritime surveillance.

IndiaAI and Ministry of AYUSH Collaborate to Integrate AIKosh.

• IndiaAI (MeitY) and Ministry of AYUSH signed an MoU to integrate traditional healthcare research data into AIKosh.
• Data Contribution: AYUSH will provide anonymized datasets, metadata, AI models, toolkits and use cases.
• AI Infrastructure: AYUSH stakeholders will get access to IndiaAI Compute for developing AI-based healthcare solutions.
• Duration: 2 years, with provision for renewal.
• Financial Terms: No financial liability for either party.

India Introduces 1st Sovereign-Backed P&I Insurance Product Under BMIP.

• India launched its first sovereign-backed P&I insurance product under the Bharat Maritime Insurance Pool (BMIP).
• Launched by: Department of Financial Services, Ministry of Finance, on 3 August 2026.
• Issued by: New India Assurance Company; first policy issued to Shipping Corporation of India (SCI).
• Coverage: Up to $1.5 billion indemnity through combined pool capacity.
• BMIP: Operational since 12 May 2026; issued 1,608 policies by 29 July 2026.
• Impact: Expected to reduce war-risk premiums by 35–40% for Indian stakeholders.
• Significance: Reduces dependence on foreign maritime insurance markets and strengthens India’s domestic underwriting capacity.

347 Development Projects Worth ₹491 Crore Inaugurated in Rajsamand, Rajasthan.

• 347 development projects worth ₹491 crore launched in Rajsamand, Rajasthan.
• 266 projects (₹369 crore) inaugurated and 81 projects (₹122 crore) had foundation stones laid.
• Kisan Samman Nidhi: Increased from ₹6,000 to ₹9,000 annually.
• Gopal Credit Card: Interest-free loans up to ₹1 lakh for livestock farmers.
• Employment: 1.78 lakh government jobs provided; recruitment for 70,000 more posts planned.
• Social Security Pension: Increased to ₹1,450 per month.
• Women Welfare: Bicycles for 14 lakh girls and scooties for 46,000 meritorious students.
• Supports the Viksit Rajasthan-2047 vision.