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What was the focus of the first Memorandum of Understanding (MoU) exchanged between India and Bangladesh during the bilateral meeting between Prime Minister Narendra Modi and Prime Minister Sheikh Hasina?
- a)Cooperation in agricultural research and education.
- b)Strengthening cultural exchange programs.
- c)Enhancing digital payment mechanisms.
- d)Promoting maritime security.
Correct answer is option 'C'. Can you explain this answer?
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What was the focus of the first Memorandum of Understanding (MoU) exch...
The focus of the first Memorandum of Understanding (MoU) exchanged between India and Bangladesh during the bilateral meeting between Prime Minister Narendra Modi and Prime Minister Sheikh Hasina was to enhance digital payment mechanisms.
Background:
India and Bangladesh have a long history of bilateral relations, and both countries have been working together to strengthen their ties in various sectors. The exchange of MoUs is an important step in this direction, as it helps in formalizing the cooperation between the two countries in specific areas.
Explanation:
The focus of the first MoU exchanged between India and Bangladesh was on enhancing digital payment mechanisms. This indicates the importance both countries place on the use of technology and digital platforms for financial transactions.
Benefits of Enhancing Digital Payment Mechanisms:
1. Financial Inclusion: By promoting digital payment mechanisms, both India and Bangladesh aim to increase financial inclusion. Digital payments provide access to financial services to a larger section of the population, including those in remote areas who may not have access to traditional banking services.
2. Ease of Transactions: Digital payments make transactions faster, easier, and more convenient. It eliminates the need for physical currency and reduces the time and effort required for traditional payment methods.
3. Transparency and Accountability: Digital payments leave a digital trail, making it easier to track transactions and ensure transparency and accountability. It helps in combating corruption, money laundering, and other illegal activities.
4. Cost Efficiency: Digital payments reduce the cost associated with printing, transporting, and handling physical currency. It also reduces the need for physical infrastructure like bank branches and ATMs.
5. Cross-Border Trade: Enhancing digital payment mechanisms can facilitate cross-border trade between India and Bangladesh. It can streamline payment processes, reduce transaction costs, and enable faster settlement of trade transactions.
Conclusion:
The focus on enhancing digital payment mechanisms in the first MoU exchanged between India and Bangladesh reflects the shared commitment of both countries to leverage technology for financial inclusion, transparency, and efficiency. This cooperation is expected to benefit the citizens and businesses of both countries and strengthen their bilateral relations further.
Background:
India and Bangladesh have a long history of bilateral relations, and both countries have been working together to strengthen their ties in various sectors. The exchange of MoUs is an important step in this direction, as it helps in formalizing the cooperation between the two countries in specific areas.
Explanation:
The focus of the first MoU exchanged between India and Bangladesh was on enhancing digital payment mechanisms. This indicates the importance both countries place on the use of technology and digital platforms for financial transactions.
Benefits of Enhancing Digital Payment Mechanisms:
1. Financial Inclusion: By promoting digital payment mechanisms, both India and Bangladesh aim to increase financial inclusion. Digital payments provide access to financial services to a larger section of the population, including those in remote areas who may not have access to traditional banking services.
2. Ease of Transactions: Digital payments make transactions faster, easier, and more convenient. It eliminates the need for physical currency and reduces the time and effort required for traditional payment methods.
3. Transparency and Accountability: Digital payments leave a digital trail, making it easier to track transactions and ensure transparency and accountability. It helps in combating corruption, money laundering, and other illegal activities.
4. Cost Efficiency: Digital payments reduce the cost associated with printing, transporting, and handling physical currency. It also reduces the need for physical infrastructure like bank branches and ATMs.
5. Cross-Border Trade: Enhancing digital payment mechanisms can facilitate cross-border trade between India and Bangladesh. It can streamline payment processes, reduce transaction costs, and enable faster settlement of trade transactions.
Conclusion:
The focus on enhancing digital payment mechanisms in the first MoU exchanged between India and Bangladesh reflects the shared commitment of both countries to leverage technology for financial inclusion, transparency, and efficiency. This cooperation is expected to benefit the citizens and businesses of both countries and strengthen their bilateral relations further.
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What was the focus of the first Memorandum of Understanding (MoU) exch...
The first MoU between India and Bangladesh aimed to enhance cooperation in digital payment mechanisms. This included the issuance of RuPay Prepaid Cards in Bangladesh, acceptance of RuPay Cards at ATMs and for commercial transactions, cross-border remittances, and enabling Unified Payment Interface (UPI) through Quick Response (QR) codes in Bangladesh at merchant locations. This initiative is significant in promoting digital financial inclusion and cross-border transactions.
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What was the focus of the first Memorandum of Understanding (MoU) exchanged between India and Bangladesh during the bilateral meeting between Prime Minister Narendra Modi and Prime Minister Sheikh Hasina?a)Cooperation in agricultural research and education.b)Strengthening cultural exchange programs.c)Enhancing digital payment mechanisms.d)Promoting maritime security.Correct answer is option 'C'. Can you explain this answer?
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What was the focus of the first Memorandum of Understanding (MoU) exchanged between India and Bangladesh during the bilateral meeting between Prime Minister Narendra Modi and Prime Minister Sheikh Hasina?a)Cooperation in agricultural research and education.b)Strengthening cultural exchange programs.c)Enhancing digital payment mechanisms.d)Promoting maritime security.Correct answer is option 'C'. Can you explain this answer? for Banking Exams 2024 is part of Banking Exams preparation. The Question and answers have been prepared according to the Banking Exams exam syllabus. Information about What was the focus of the first Memorandum of Understanding (MoU) exchanged between India and Bangladesh during the bilateral meeting between Prime Minister Narendra Modi and Prime Minister Sheikh Hasina?a)Cooperation in agricultural research and education.b)Strengthening cultural exchange programs.c)Enhancing digital payment mechanisms.d)Promoting maritime security.Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Banking Exams 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What was the focus of the first Memorandum of Understanding (MoU) exchanged between India and Bangladesh during the bilateral meeting between Prime Minister Narendra Modi and Prime Minister Sheikh Hasina?a)Cooperation in agricultural research and education.b)Strengthening cultural exchange programs.c)Enhancing digital payment mechanisms.d)Promoting maritime security.Correct answer is option 'C'. Can you explain this answer?.
What was the focus of the first Memorandum of Understanding (MoU) exchanged between India and Bangladesh during the bilateral meeting between Prime Minister Narendra Modi and Prime Minister Sheikh Hasina?a)Cooperation in agricultural research and education.b)Strengthening cultural exchange programs.c)Enhancing digital payment mechanisms.d)Promoting maritime security.Correct answer is option 'C'. Can you explain this answer? for Banking Exams 2024 is part of Banking Exams preparation. The Question and answers have been prepared according to the Banking Exams exam syllabus. Information about What was the focus of the first Memorandum of Understanding (MoU) exchanged between India and Bangladesh during the bilateral meeting between Prime Minister Narendra Modi and Prime Minister Sheikh Hasina?a)Cooperation in agricultural research and education.b)Strengthening cultural exchange programs.c)Enhancing digital payment mechanisms.d)Promoting maritime security.Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Banking Exams 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What was the focus of the first Memorandum of Understanding (MoU) exchanged between India and Bangladesh during the bilateral meeting between Prime Minister Narendra Modi and Prime Minister Sheikh Hasina?a)Cooperation in agricultural research and education.b)Strengthening cultural exchange programs.c)Enhancing digital payment mechanisms.d)Promoting maritime security.Correct answer is option 'C'. Can you explain this answer?.
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