Indian and Chinese army establish hotline to enhance mutual trust
August 2, 2021, 2:06 am

Indian and Chinese army establish hotline to enhance mutual trust

India's army

According to the We For News, the Indian Army and the Chinese People’s Liberation Army (PLA) have established a hotline in the North Sikkim region on Sunday to avoid any kind of skirmishes along the Line of Actual Control.

The We For News said the Indian Army in a statement stated that a hotline was established between Indian Army in Kongra La, North Sikkim and PLA at Khamba Dzong in Tibetan Autonomous Region to further the spirit of trust and cordial relations along the borders.

The Indian Army said: “The event coincided with the PLA Day on August 1, 2021.”

The force stated that the Armed forces of the two countries have well established mechanisms for communication at ground commanders level. These hotlines in various sectors go a long way in enhancing the same and maintaining peace and tranquillity at the borders.

The We For News added the inauguration was attended by ground commanders of the respective armies and a message of friendship and harmony was exchanged through the Hotline.

Earlier this year on January 20, Indian and Chinese troops physically clashed in the high-altitude area of Naku La in north Sikkim with several soldiers being injured on both sides after Indian troops repelled an attempt by the Chinese troops to enter Indian territory.

The PLA has been showing assertiveness all along the Line of Actual Control even as Indian Army remains in a state of high alertness to respond to aggressive actions. The minor face-off was resolved by local commanders as per established protocols.

Last year on May 9, both the countries troops had also clashed at Naku La, which had left several soldiers on both sides injured.

It happened just after the violent clashes on the north bank of in eastern Ladakh on May 5-6 when PLA was making multiple attempt of incursions into the Indian territory.

Later, a deadly physical clash at Galwan on June 15, 2020 night claimed 20 Indian lives and four Chinese soldiers.

For India, the Sikkim border, including the tri-junction, is extremely critical and sensitive. It is because if a Chinese breakthrough happens here, they can reach, and block, the Siliguri corridor — a narrow, 27-km wide strip of Indian territory that connects India’s entire northeastern region with the rest of the country.

The Chinese control over the Siliguri corridor could cut off the entire northeast. To prevent this, India guards Sikkim heavily with two mountain divisions.

The Indian army has safeguarded the Sikkim border, even through a major firefight in the nearby Nathu La in 1967.

Source: wefornews
Image source: wefornews

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.