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First Post
2 hours ago
- Politics
- First Post
Modi's Midas touch: The alchemy of shifting hostility to partnership through patience and foresight
The best examples of Modi's ability to transform foreign governments that entered office on overtly 'anti-India' platforms into cooperative partners are the instances of Maldives and Sri Lanka read more As the prime minister, Narendra Modi has an innate grasp of realpolitik and an uncanny ability to perceive the larger picture even during a time of crisis. To possess this rare quality, a detached and balanced view of things in the face of adversity is 'sthitaprajna', and such an approach has served India well when it comes to managing and navigating complex relationships within its neighbourhood. It's strategic altruism without the condition of reciprocity – acts of benevolence driven by moral considerations that build trust and eventually convert adversarial governments into cooperative partners in India's regional matrix. STORY CONTINUES BELOW THIS AD Take Bangladesh. On Tuesday India announced that it is sending a team of doctors and nurses, all specialists on burn injuries, to Dhaka to assist the victims of the unfortunate accident when a Bangladeshi military jet crashed into a school and led to the deaths of more than 30 individuals, including 25 children. Modi assured Bangladesh of all possible support and assistance in the wake of the tragedy. Given the anti-India hatred that is now mainstream in Bangladesh under an unelected, hostile regime a legitimate question arises. Why should we bother? The prime minister understands that we must play the long game with Bangladesh, even if that means taking a few punches because the goal is not to indulge in a game of tit-for-tat with Dhaka but to slowly convert the political landscape in India's favour. The best examples of Modi's ability to transform foreign governments that entered office on overtly 'anti-India' platforms into cooperative partners are the instances of Maldives and Sri Lanka. In both cases, Modi's diplomatic alchemy shifted the arc from hostility to rapprochement, and the ensuing strategic partnerships left little space for a third party (read China) to exploit and increase its malevolent it is also worth noting how Modi handles the media-driven narrative of pessimism when India encounters adversarial shifts in neighbourhood. Pro-China candidate Mohamed Muizzu emerged victorious in the Maldivian presidential runoff in 2023 backed by an 'India Out' campaign. Six months later, Muizzu's People's National Congress (PNC) secured absolute majority in Parliamentary elections. The newly installed president pledged to elevate strategic ties with China and asked India to withdraw its troops stationed in the archipelago. STORY CONTINUES BELOW THIS AD The development was interpreted in media as a terminal waning of Indian influence in its strategic backyard and the beginning of China's iron grip in Malé, a dot in the Indian Ocean that forms a critical node in India's maritime security strategy. Some wondered whether the electoral outcome in Maldives was a 'victory for India Out' ; some predicted a ' rapid decline' in bilateral ties while some claimed that 'India has lost its strategic influence in the archipelago nation' and 'paved the way for China' due to ' BJP's yoga misadventure'. Editorials warned that development in Maldives ' is a wake-up call' and advised New Delhi to ' engage with full political spectrum' as if Indian policymakers and the political leadership are unaware of the realities. Foreign media outlets duly stepped in, and we were told that India has lost its ' leverage' in the archipelago, Maldives is moving towards China and the fallout reflects India's ' strategic self-doubt'. This media narrative was reinforced by developments that were decidedly adversarial. Muizzu broke with a long Maldivian tradition and refused to visit India on his first foreign trip abroad, choosing Türkiye instead. The Maldivian president demanded 'complete withdrawal' of Indian military assets and subsequently went to China on a state visit. Ties were elevated to 'comprehensive strategic partnership' and in March 2024, Maldives signed a 'military assistance' deal under which China would 'offer non-lethal weapons for free as well as train the Maldivian security forces.' STORY CONTINUES BELOW THIS AD Meanwhile, Maldives skipped a key regional security cooperation mechanism called the Colombo Security Dialogue in December 2023, a framework that deals with maritime security challenges in the Indian Ocean and consists of India, Maldives, Mauritius, and Sri Lanka as members. Amid all this, in early 2024, senior ministers in Muizzu's cabinet issued derogatory remarks against the Indian prime minister on social media, triggering a backlash that led to a boycott of the Indian Ocean archipelago by Indian tourists and travel agencies, depriving Maldivians of a key source of revenue and hardening sentiments all around. Modi handled the downturn in relations with composure and calmness, applying a diplomatic approach centred on high-level engagement, focusing on development and financial partnerships, people-centric infrastructure projects and adopting a non-intrusive posture (replacing military personnel with civilians) within the structure of 'Neighbourhood First and 'MAHASAGAR' (Mutual and Holistic Advancement for Security and Growth Across Regions) policy frameworks to achieve an eventual diplomatic reset. STORY CONTINUES BELOW THIS AD Though Maldivian domestic politics swings between pro-India and pro-China sentiments, the Indian Ocean archipelago has historically been critically dependent on its immediate neighbour for financial, infrastructural and resource sustenance, and benefits from India's economic integration and net security provision. Modi understood correctly that India must reaffirm its necessity to Maldivian stability and growth while balancing external influence. While Muizzu, as mayor of Malé, was openly pivoting to China and accusing pro-India president Ibrahim Solih of 'compromising Maldives' sovereignty', Modi was the first world leader to congratulate Muizzu on his win in the presidential runoffs. At the height of downturn in bilateral ties, when Muizzu's PNC bagged 66 of the 86 declared seats in Parliamentary polls and media narrative wrote off India as a 'loser' in its great power rivalry with China, Modi took a conciliatory approach and sought to present India as a reliable partner that values partnership over bitterness. In August 2024, the visit of India's external affairs minister S Jaishankar was an important milestone in sorting out key differences in ties. The minister called Maldives India's 'natural partner' and both countries as 'mutually invested in each other's development and progress.' In a collaborative approach to mend fences, Jaishankar spoke about developing projects that are 'Imagined by Maldives, Delivered by India.' STORY CONTINUES BELOW THIS AD For an economy dependent entirely on tourism, Maldives was struggling to cope with the absence of Indian tourists whose number slid from top spot in 2023 to sixth in 2024, leading to billion-dollar losses. Modi invited Muizzu to his swearing-in ceremony in June, threw a monetary lifeline and launched people-centric projects while re-profiling Indian military presence to reduce hostility. When Muizzu came to India in October 2024 for the first time since taking office on a state visit, acting upon Modi's invitation, India announced a currency swap agreement of $400 million and Rs 3000 crore while the State Bank of India continued to roll over Maldives treasury bills, helping the archipelago stave off currency depletion and address a current-account gap of 17% GDP. New Delhi also announced new infrastructure investments, and a $100 million grant for the Greater Malé Connectivity Project, enhancing transport links between key Maldivian islands. As Maldives joined Colombo Security Conclave as founding member in 2024, India accelerated 56 community projects including clinics, water plants, sports complexes, among which 14 were completed by mid-2025. STORY CONTINUES BELOW THIS AD As foreign secretary Vikram Misri said at a special briefing last Tuesday, the gamut of improvement in bilateral relations can be gauged from the fact that nearly half a dozen ministerial-level visits have taken place from the Maldives to India, and discussions have begun on a Free Trade Agreement and investment treaty to further deepen economic relations, including cooperation in renewable energy and fisheries. Bilateral trade has crossed $500 million, both countries are in talks about establishing a local currency settlement system, and India's ubiquitous UPI payment facility could soon be incorporated in Maldives to boost tourism. Under the Joint Vision for Comprehensive Economic and Maritime Security Partnership, India assists Maldives in capacity building, trains Maldives' defence personnel, and conducts regular training programs as well as naval exercises, as the foreign secretary mentioned in his briefing. The net result is evident. The prime minister, on his two-day tour of Maldives on July 25 and 26, will become the first foreign leader to be received in the Maldives on a state visit under president Muizzu and a guest of honour at celebrations commemorating the 60th anniversary of Maldives' independence, also marking 60 years of diplomatic relations between New Delhi and Malé. STORY CONTINUES BELOW THIS AD Despite Muizzu's initial 'India-Out' electoral rhetoric and pivot to China, the stunning turnaround shows the success of Modi's diplomacy that combined statecraft with delivery of concrete economic, security, and infrastructural initiatives. A similar story was scripted in Sri Lanka where developmental diplomacy, urgent support, security flexibility and oodles of patience tackled notions that Sri Lanka would move away from India under Marxist leader Anura Kumara Dissanayake, who had campaigned on a platform of 'Indian imperialism' and publicly committed to reducing India's influence in the island nation. Just as with Maldives, India showed fortitude and understanding. It acted swiftly when Sri Lanka defaulted on $51 billion external debt in 2022 and faced a catastrophic economic crisis. New Delhi provided $4 billion in crisis finance and stood as the guarantor for IMF's debt sustainability parameters by issuing assurances, expediting Colombo's $3 billion EFF program. India also ensured big-ticket deliverables in the form of first-ever formal defence cooperation MoU, pact to connect both countries' electricity grids, rupee-settlement mechanism to conserve Sri Lanka's foreign exchange and pacts covering digital governance, rail upgrades and temple restoration. Consequently, Modi visited Sri Lanka in April, becoming the first foreign head of government hosted by president Dissanayake, a diplomatic reciprocity for the Sri Lankan president choosing New Delhi as his first port of call in December 2024 since assuming office in September. Modi was accorded a red-carpet welcome with six ministers turning up at the airport to receive him, and both sides showcased a shared commitment to deepen multi-sectoral ties under India's 'Vision MAHASAGAR'. Modi was conferred the Mithra Vibhushana, Sri Lanka's highest civilian honour for a foreign head of state, and the visit saw joint inauguration of key infrastructure, security and connectivity projects which indicated that both sides are keen on moving past previous tensions. What emerges from this pattern is that the prime minister never gives in to provocations. He remains steadfast on goals and displays versatility in action while dealing with neighbourhood political shifts. Institutionalised cooperation, timely financial support, leveraging digital public goods, respecting sovereign concerns and fostering mutual trust ensure stability and deepening of ties beyond hostility. It's Modi's Midas touch.
Business Times
a day ago
- Business
- Business Times
PNC taps Coinbase to create crypto trading offering for bank customers
[NEW YORK] PNC Bank is working with cryptocurrency exchange Coinbase to offer crypto trading to the bank's customers, the companies said on Tuesday (Jul 22), in a sign that crypto is moving towards becoming increasingly interconnected to mainstream finance. PNC will use Coinbase's institutional 'crypto-as-a-service' platform to develop an offering that will allow PNC clients to buy, hold and sell cryptocurrencies. The Pittsburgh-based financial institution will also offer certain banking services to Coinbase. The PNC-Coinbase partnership is a stark shift for the banking sector, which crypto companies at one point had accused of being hostile to their industry. Lawmakers earlier this year held a hearing to scrutinise US banks and their regulators in response to claims they deny services to particular industries. Republicans and Democrats agreed that banks may be improperly denying services to some clients, but disagreed on the root cause. The banking industry has fiercely resisted accusations that it denies services based on ideological reasons. It has instead argued that onerous, outdated and opaque rules make it difficult for banks to sometimes provide services, or explain why they cannot. The partnership announcement comes as US President Donald Trump and his administration have embraced cryptocurrencies and enacted industry-friendly policies. Trump signed a law on Friday to create a regulatory regime for US dollar-pegged cryptocurrencies known as stablecoins, a major milestone for the digital asset sector, which has long lobbied for such a framework. Several banks, including Bank of America and Citibank, have said that they are exploring issuing their own stablecoins. 'Partnering with Coinbase accelerates our ability to bring innovative, crypto financial solutions to our clients,' William Demchak, PNC CEO, said. 'This collaboration enables us to meet growing demand for secure and streamlined access to digital assets on PNC's trusted platform.' REUTERS
Yahoo
a day ago
- Business
- Yahoo
PNC, Coinbase team up on crypto-as-a-service
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. PNC customers will soon be able to buy, sell and hold cryptocurrency through the bank's new partnership with Coinbase. 'Partnering with Coinbase accelerates our ability to bring innovative, crypto financial solutions to our clients,' said PNC CEO Bill Demchak in a prepared statement Tuesday. 'We will also provide PNC's best-in-class banking services to Coinbase,' he said. 'This collaboration enables us to meet growing demand for secure and streamlined access to digital assets on PNC's trusted platform.' Coinbase is the nation's largest cryptocurrency exchange. As of February, it held nearly half a trillion dollars in assets, which would make it akin to the 21st-largest bank in the country, according to CEO Brian Armstrong. 'If you think of us more like a brokerage, we'd be the 8th largest brokerage today by AUM,' he wrote on social media platform X. Coinbase will support PNC's entry into the digital asset market with its crypto-as-a-service platform, 'which provides PNC with a powerful set of tools to develop a scalable, high-growth business, built on a foundation of uncompromising security,' said Brett Tejpaul, head of Coinbase Institutional, in a prepared statement Tuesday. The distance between the crypto realm and traditional finance has been closing in 2025 due to relaxed regulatory oversight and a push for federal crypto legislation. The GENIUS Act, signed into law by President Donald Trump on Friday, creates a regulatory framework for stablecoins. Meanwhile, the CLARITY Act, which would divide regulatory oversight between the Commodity Futures Trading Commission and Securities and Exchange Commission and create a framework for digital assets, is moving through the legislature. Several crypto-bank partnerships have been inked in recent months. BNY said last week that it would custody the reserves of Ripple's new stablecoin, Ripple USD, weeks after striking a similar partnership with Societe Generale regarding its CoinVertible USD. Digital native bank Green Dot announced a partnership with in May, offering banking and money management tools to the crypto exchange's U.S. customers through Arc, the bank's embedded finance platform. SoFi CEO Anthony Noto also said in May that his firm would re-enter the crypto business, which it exited in 2023, in the next six months. Brad Rustin, chair of law firm Nelson Mullins' financial services regulatory practice in Greenville, South Carolina, told Banking Dive in May that 'lots and lots and lots of banks' are talking about getting in on crypto amidst the Trump administration's regulatory shifts. The interest is largely coming from two verticals, Rustin said: fintech-forward banks that have long had an understanding of crypto assets, and large banks that have sizable securities custodial programs. '[The latter] are banks that did securities lending, that did margin lending, that did traditional custody services for stocks and bonds,' Rustin said. 'They're saying, 'Well, look, this is no different than custodying a stock or a bond. It's just how you actually control it and how you maintain it that's different.'' Recommended Reading Treasury calls for more fintech oversight Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Star
a day ago
- Business
- The Star
PNC taps Coinbase to create crypto trading offering for bank customers
The logo of PNC Bank, a subsidiary of PNC Financial Services Group, is seen on the window of a branch in Washington, U.S. April 30, 2023. REUTERS/Ashraf Fahim/File Photo (Reuters) -PNC Bank is working with cryptocurrency exchange Coinbase to offer crypto trading to the bank's customers, the companies said on Tuesday, in a sign that crypto is moving toward becoming increasingly interconnected to mainstream finance. PNC will use Coinbase's institutional "crypto-as-a-service" platform to develop an offering that will allow PNC clients to buy, hold and sell cryptocurrencies. The Pittsburgh-based financial institution will also offer certain banking services to Coinbase. WHY IT'S IMPORTANT The PNC-Coinbase partnership is a stark shift for the banking sector, which crypto companies at one point had accused of being hostile to their industry. Lawmakers earlier this year held a hearing to scrutinize U.S. banks and their regulators in response to claims they deny services to particular industries. Republicans and Democrats agreed that banks may be improperly denying services to some clients, but disagreed on the root cause. The banking industry has fiercely resisted accusations it denies services based on ideological reasons. It has instead argued that onerous, outdated and opaque rules make it difficult for banks to sometimes provide services, or explain why they cannot. CONTEXT The partnership announcement comes as U.S. President Donald Trump and his administration have embraced cryptocurrencies and enacted industry-friendly policies. Trump signed a law on Friday to create a regulatory regime for dollar-pegged cryptocurrencies known as stablecoins, a major milestone for the digital asset sector, which has long lobbied for such a framework. Several banks including Bank of America and Citibank have said that they are exploring issuing their own stablecoins. KEY QUOTE "Partnering with Coinbase accelerates our ability to bring innovative, crypto financial solutions to our clients," William Demchak, PNC CEO, said in a statement. "This collaboration enables us to meet growing demand for secure and streamlined access to digital assets on PNC's trusted platform." (Reporting by Hannah Lang in New York; Editing by Mark Porter)
CNA
a day ago
- Business
- CNA
PNC taps Coinbase to create crypto trading offering for bank customers
PNC Bank is working with cryptocurrency exchange Coinbase to offer crypto trading to the bank's customers, the companies said on Tuesday, in a sign that crypto is moving toward becoming increasingly interconnected to mainstream finance. PNC will use Coinbase's institutional "crypto-as-a-service" platform to develop an offering that will allow PNC clients to buy, hold and sell cryptocurrencies. The Pittsburgh-based financial institution will also offer certain banking services to Coinbase. WHY IT'S IMPORTANT The PNC-Coinbase partnership is a stark shift for the banking sector, which crypto companies at one point had accused of being hostile to their industry. Lawmakers earlier this year held a hearing to scrutinize U.S. banks and their regulators in response to claims they deny services to particular industries. Republicans and Democrats agreed that banks may be improperly denying services to some clients, but disagreed on the root cause. The banking industry has fiercely resisted accusations it denies services based on ideological reasons. It has instead argued that onerous, outdated and opaque rules make it difficult for banks to sometimes provide services, or explain why they cannot. CONTEXT The partnership announcement comes as U.S. President Donald Trump and his administration have embraced cryptocurrencies and enacted industry-friendly policies. Trump signed a law on Friday to create a regulatory regime for dollar-pegged cryptocurrencies known as stablecoins, a major milestone for the digital asset sector, which has long lobbied for such a framework. Several banks including Bank of America and Citibank have said that they are exploring issuing their own stablecoins.
