India-Singapore Current Affairs

PM Narendra Modi launches 3 Indian mobile payment apps in Singapore

Prime Minister Narendra Modi launched three Indian mobile payment applications BHIM, RuPay and UPI enabled remittance app of SBI in Singapore aimed at internationalisation of the country’s digital payment platforms. They were launched at ‘Business, Innovation and Community Event’ held in Singapore where digital platform was the main theme.

Key Facts

RuPay digital payments system: It was linked up with Singapore’s 33-year-old Network for Electronic Transfers (NETS). It will enable RuPay users to make payments at all NETS acceptance points across Singapore. Besides, holders of Singapore NETS will be also able to make online purchases on National Payments Corporation of India (NPCI) e-commerce merchant website, using 2.8 million RuPay point-of-sale (PoS) terminals in India. This linkage will help to create multi-billion-dollar transactions as some 5 million Indians who travel to and transit through Singapore.

SBI’s UPI based rupee remittance app: It was also launched at Singapore branch of the SBI. It will help to expand remittance offering. It will help Indian blue-collar workers working in Singapore to send remittance of up to Rs 100,000 in quick, easy and convenient way with the help of Virtual Payment Address (VPA). This service will be available to all savings account holders of SBI Singapore.

Month: Categories: India Current Affairs 2018

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India-Singapore ink Bilateral Agreement for Navy Cooperation

India and Singapore have signed Bilateral Agreement for Navy Cooperation that will allow Indian Navy ships logistical support, including refuelling at Singapore’s Changi Naval Base located near disputed South China Sea (SCS).

The agreement was announced during second Defence Ministers’ Dialogue between India and Singapore held in New Delhi.

Key Facts

The Bilateral Agreement for Navy Cooperation will allow Indian Navy ships sailing through disputed SCS or in eastern waters of Andaman Sea to refuel, restock and if needed rearm at Singapore’s Changi naval base.  It will allow Indian Navy to directly engage with Singaporean authorities to use their facilities unlike present structure that take weeks if political clearances need to be obtained in Singapore.

Significance

The naval logistics agreement is first for India with country located east of strategically important Strait of Malacca. Singapore is strategically situated on major international sea routes – Straits of Singapore and Malacca – and connects Pacific and Indian Oceans making it economically important. It acts as centre for international communications, transportations and trade to southeast Asia. The nearest Indian base is in Andaman and Nicobar Islands.

The agreement looks at increased cooperation in maritime security, joint exercises, temporary deployment between India and Singapore. The Changi base will enhance Indian Navy’s operational reach. It will also play prominent role in protection of naval vessels, supplies, repair facilities, administration and logistics support. It will give boost to India’s Act East Policy and strengthen India’s role for safety, stability, regional peace and navigational freedom.

Month: Categories: Defence Current Affairs 2018

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