India, Vietnam hold 3rd Maritime Security Dialogue in New Delhi

03 June 2023
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India, Vietnam hold 3rd Maritime Security Dialogue in New Delhi

India and Vietnam recently held the 3rd Maritime Security Dialogue in New Delhi, underscoring their commitment to sustaining a secure maritime environment amidst growing Chinese aggression in the region. The dialogue brought together senior officials from both countries, focusing on reinforcing regional and international mechanisms to enhance comprehensive maritime security. This article explores the significance of the maritime security dialogue and the various aspects that make maritime cooperation between India and Vietnam crucial.

Addressing Regional Concerns

China's assertive actions in the South China Sea have raised concerns among neighboring countries, including India and Vietnam. Both nations are directly affected by China's territorial claims and activities. Maritime cooperation enables them to collaborate, strengthen their positions, and collectively address disputes while upholding international law. By joining forces, India and Vietnam aim to counterbalance Chinese influence and maintain stability, security, freedom of navigation, and a rules-based order in the Indo-Pacific region.

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Strengthening Strategic Partnership

Maritime cooperation between India and Vietnam serves as a cornerstone for their strategic partnership. It fosters shared interests and objectives, contributing to regional stability, economic growth, energy security, and the safeguarding of maritime interests. By engaging in comprehensive maritime security initiatives, the two countries deepen their bilateral ties and enhance their broader engagement in the Indo-Pacific region.

Maintaining Maritime Domain Awareness

Collaborative efforts in maritime surveillance, intelligence sharing, and joint patrolling bolster the maritime domain awareness of both India and Vietnam. This heightened awareness enables them to combat illicit activities such as illegal fishing, territorial encroachments, and expansion of military presence. Additionally, it strengthens their ability to counter common security threats like terrorism and piracy. Through information sharing, joint exercises, and capacity building, the two countries enhance their preparedness and responsiveness in safeguarding their maritime interests.

Energy Security

Maritime cooperation opens avenues for joint exploration and development of offshore energy resources. By leveraging their combined efforts, India and Vietnam enhance their energy security and reduce dependence on external sources. Cooperation in this domain contributes to sustainable development and mitigates the risks associated with energy supply vulnerabilities.

Economic Connectivity

In light of China's Belt and Road Initiative (BRI), India and Vietnam can utilize their maritime cooperation to develop alternative economic corridors and connectivity projects. By offering viable alternatives to the BRI, the two countries can enhance regional economic integration, diversify trade routes, and reduce dependency on China's infrastructure initiatives. Maritime cooperation not only facilitates trade facilitation and economic growth but also fosters connectivity and promotes the development of maritime infrastructure.

RBI Launches '100 Days 100 Pays' Campaign to Settle Unclaimed Deposits

03 June 2023
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RBI Launches '100 Days 100 Pays' Campaign to Settle Unclaimed Deposits

The Reserve Bank of India (RBI) has recently initiated the '100 Days 100 Pays' campaign, aimed at tracing and settling the top 100 unclaimed deposits of every bank in every district within a span of 100 days. This campaign is part of the RBI's ongoing efforts to reduce the quantum of unclaimed deposits in the banking system and ensure their rightful return to owners or claimants. With the launch of this campaign, the RBI hopes to bring attention to the issue of unclaimed deposits and facilitate their resolution.

Understanding Unclaimed Deposits

Unclaimed deposits refer to funds that have remained untouched or inactive for a period of ten years or longer. When such deposits exhibit no activity, banks transfer the funds to the "Depositor Education and Awareness" (DEA) Fund, which is maintained by the RBI. However, depositors retain the right to claim their deposits, along with applicable interest, from the bank(s) where these deposits were held, even after they have been transferred to the DEA Fund.

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Reasons for Accumulation of Unclaimed Deposits

The accumulation of unclaimed deposits primarily occurs due to several reasons. One common reason is the non-closure of savings or current accounts that depositors no longer intend to operate. Additionally, depositors may fail to submit redemption claims for matured fixed deposits, leading to the transfer of funds to the DEA Fund. There are also instances where deposits belong to deceased individuals, and their nominees or legal heirs do not come forward to make a claim on the respective bank(s).

Magnitude of Unclaimed Deposits

As of February 2023, the total amount of unclaimed deposits transferred to the RBI by public sector banks (PSBs) reached Rs 35,012 crore. Among the PSBs, the State Bank of India (SBI) holds the highest value of unclaimed deposits, amounting to Rs 8,086 crore, followed by Punjab National Bank with Rs 5,340 crore, Canara Bank with Rs 4,558 crore, and Bank of Baroda with Rs 3,904 crore.

Process to Claim Deposits

To facilitate the claiming process, every bank is required to display details of unclaimed accounts on their websites, including identifiable information. Upon reviewing these details on the bank's website, customers can visit the respective bank branch with a completed claim form, deposit receipts, and relevant Know Your Customer (KYC) documents to initiate the process of reclaiming their money.

RBI's Initiatives

In addition to the '100 Days 100 Pays' campaign, the RBI has announced the establishment of a centralized web portal designed for the public to search for unclaimed deposits across multiple banks. The RBI plans to enhance search results using artificial intelligence (AI) tools, thereby improving access to deposit-related information for claimants or beneficiaries. This web portal will eliminate the need for bank customers to navigate multiple bank websites, enabling them to locate their unclaimed deposits at a single point.

Implications and Expert Insights

Industry experts, such as Sanchit Garg, Co-founder and CEO at GLC Wealth Advisor LLP, believe that the RBI's initiatives will significantly reduce the number of unclaimed cases and grant access to old unclaimed funds for millions of deposit holders across the country. These initiatives also raise awareness among bank account holders about the importance of tracking their money and maintaining updated nomination and KYC details. While initial challenges in terms of human resource constraints may arise for bank branches, following the directives diligently will streamline the process for future claimants.

GOBARdhan' Scheme: Govt launches unified registration portal for biogas projects

03 June 2023

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'GOBARdhan' Scheme: Govt launches unified registration portal for biogas projects

Why the scheme is news?

The "GOBARdhan" scheme launched by the Government of India is in the news for its unified registration portal, which acts as a one-stop repository for assessing investment and participation in the biogas/CBG (Compressed Biogas) sector. The scheme aims to convert organic waste, such as cattle dung and agricultural residue, into biogas, CBG, and bio-fertilizers, thus promoting a circular economy and waste-to-wealth generation.

Here are the details about the scheme:

Introduction: The GOBARdhan scheme is an umbrella initiative of the Government of India, focused on converting waste into wealth. It aims to build a robust ecosystem for setting up biogas/CBG/Bio-CNG plants, driving sustainable economic growth and promoting a circular economy.

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Implementing Agency:

The Department of Drinking Water and Sanitation (DDWS), under the Ministry of Jal Shakti, is the nodal department for implementing the GOBARdhan scheme.

Unified Registration Portal

The recently launched portal serves as a centralized platform for registering and obtaining a unique registration number for biogas/CBG projects in India. Government, cooperative, and private entities intending to set up biogas/CBG/Bio-CNG plants can enroll on this portal to avail themselves of various benefits and support from the Ministries and Departments of the Government of India.

Objective and Features

The primary objective of the GOBARdhan scheme is to generate wealth and energy by utilizing organic waste. The scheme encompasses various programs and initiatives under different Ministries and Departments, such as the Waste to Energy Scheme, SATAT scheme, SBM(G) Phase II, Agri Infrastructure Fund, and Animal Husbandry Infrastructure Development Fund, among others. The scheme aims to contribute to India's climate action goals, provide energy security, enhance entrepreneurship, create rural employment, improve health outcomes, and promote sustainable development.

Impact and Benefits

The GOBARdhan scheme has already resulted in the establishment of over 650 GOBARdhan plants. The unified registration portal is expected to streamline the process of setting up CBG/Biogas plants in India and attract greater investment from private players. The scheme's implementation will contribute to the reduction of emissions, provide clean energy, enhance sanitation and hygiene in rural areas, create job opportunities, and align with the Sustainable Development Goals.

Challenges and the Way Forward

The specific challenges and future plans for the GOBARdhan scheme are not mentioned in the provided information.

Vision

The scheme aligns with the government's vision of achieving a circular economy, waste-to-wealth generation, and net-zero emissions by 2070. It aims to promote sustainable development, improve health and well-being, provide clean water and sanitation, and ensure affordable and clean energy.