India and Singapore Collaborate to Launch Green and Digital Shipping Corridor

On Tuesday, India and Singapore signed a Letter of Intent (LoI) for the Green and Digital Shipping Corridor (GDSC), which will focus on digitalization and decarbonization.

The Singapore-India GDSC, once established, will improve collaboration between the two countries and help accelerate the development and uptake of zero or near-zero GHG emission technologies, as well as the adoption of digital solutions, according to a joint release from the Singapore Maritime and Port Authority and the Ministry of Ports and Shipping.

Sarbananda Sonowal, Minister of Ports, Shipping, and Waterways, stated that his visit to Singapore with a high-level marine sector delegation will strengthen their long-standing relationship.

Furthermore, the "Comprehensive Strategic Partnership" will strengthen and broaden cooperation between the two countries, he stated.

Sonowal is on a three-day visit to Singapore to attend the maritime week, which is expected to attract 20,000 delegates and exhibitors from around the world.

In response to another question, Chaudhary stated that the Jan Samarth portal is a one-stop digital platform for linking 15 government-sponsored loans and subsidy schemes. It offers a quick and efficient way to apply for loans and receive approvals based on a digital evaluation of the applicant's information, he said.

Furthermore, he stated that many banks and financial institutions have created online platforms and mobile apps for end-to-end digital loan application processing, which eliminates the need for physical paperwork and in-person visits.

In response to another question, Chaudhary stated that customers are entitled to five free transactions (both financial and non-financial) per month from their own bank ATMs.

They are also entitled to a set number of free transactions (both financial and non-financial) from other bank ATMs -- three in metro areas and five in non-metro areas, he explained.

Beyond the free transactions, he stated that charges are levied for each ATM transaction in accordance with the respective bank's Board-approved policies, with a ceiling/cap of Rs 21 plus applicable taxes per transaction.

According to data shared by the Finance Ministry, the State Bank of India (SBI) is the only public sector bank that does not lose money on cash withdrawals from ATMs.