KARACHI: The Pakistan Maritime Security Agency (PMSA) successfully rescued nine crew members from an Indian cargo vessel, according to an official statement, after receiving a distress alert from Mumbai.
The incident marks the second such rescue operation by the PMSA within a month, highlighting sporadic cooperation between the two nuclear-armed rivals amid continued tensions.
Diplomatic ties between India and Pakistan remain strained. Both sides also detain each other’s fishermen who inadvertently cross maritime boundaries, often leaving them to languish in prison for extended periods.
The distressed Indian vessel, Tajdare Haram, reportedly experienced water ingress approximately 120 nautical miles south of Karachi, forcing the crew to abandon ship and take refuge in a life raft.
“Upon receiving the distress alert from the Maritime Rescue Coordination Center (MRCC) Mumbai, PMSA immediately launched a coordinated rescue effort,” the Pakistani agency announced in a statement Thursday.
“PMSA deployed an aircraft and directed nearby merchant vessels and PMSA ships to the scene of the incident,” it added. “The PMSA aircraft successfully located the survivors and facilitated the Indian Coast Guard vessel operating in nearby Indian waters for subsequent recovery.”
The rescue followed another operation earlier this month when the PMSA saved 12 Indian crew members from MSV Peeran-e-Peer in a similar situation.
The PMSA said it remained steadfast in its commitment to ensuring maritime safety and upholding international obligations under the Safety of Life at Sea Convention.
Pakistan rescues nine crew members from Indian cargo vessel after distress alert
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Pakistan rescues nine crew members from Indian cargo vessel after distress alert
- The rescue followed another operation this month in which 12 Indian crew members were saved
- Incident reflects sporadic cooperation between the two nuclear rivals amid continuing tensions
Veon Group invests $20 million in Pakistan’s Mobilink Bank to accelerate digital Islamic banking
- The investment builds on $15 million capital deployed by Veon in January 2025
- The capital will be used to scale the bank’s micro, small and medium enterprises
KARACHI: Global digital operator Veon Group has announced an investment of $20 million in Pakistan’s Mobilink Bank to support its growth and digital Islamic banking expansion in Pakistan, it said on Friday.
Mobilink Bank is a part of Veon Group, a global digital operator that provides services to over 150 million connectivity customers and over 140 million monthly active digital users. The Nasdaq-listed company operates across five countries that are home to more than 6 percent of the world’s population.
The investment builds on $15 million capital deployed by Veon in January 2025 and underscores its confidence in Mobilink Bank’s growth momentum and its integrated digital financial ecosystem with JazzCash, amid the rapid expansion of Pakistan’s digital banking and microfinance sector, according to Veon Group.
The capital will be used to scale Mobilink Bank’s micro, small and medium enterprises (MSME) financing portfolio, advance its Islamic banking offerings, and strengthen its evolution into a technology-driven, digitally native bank, with a continued focus on expanding regulated financial access for underserved communities.
“This investment will accelerate the expansion of our shariah-compliant Islamic banking offerings, helping small businesses formalize cash flows, access regulated credit, and build long-term financial resilience,” said Haaris Mahmood Chaudhary, president and chief executive officer of Mobilink Bank.
“As a future-ready digital bank, our focus remains on delivering practical, technology-enabled financial solutions that empower entrepreneurs — particularly women and underserved communities — across Pakistan.”
Mobilink Bank’s expanding deposit base and MSME-oriented lending portfolio are enabling small businesses to transition from informal cash usage to regulated banking, while targeted women-centric financial products and green financing initiatives support inclusive growth and resilience in the face of Pakistan’s climate and economic challenges, according to a statement issued by Veon Group.
Mobilink Bank, together with JazzCash, which serves over 57 million customers and is supported by a nationwide network of more than one million merchants and agents, anchors one of Pakistan’s largest digital financial ecosystems. During the year, JazzCash processed gross transaction value exceeding Rs15 trillion ($53 billion), underscoring the scale, resilience, and impact of fintech in advancing financial inclusion, social mobility, and responsible digital innovation across Pakistan.
The investment reflects Veon Group’s broader digital strategy of strengthening high-impact financial ecosystems through technology-led solutions and disciplined capital deployment, positioning Mobilink Bank as a key contributor to Pakistan’s evolving financial sector, according to the global digital operator.
“This continued stream of investment from VEON underscores our long-term commitment to Pakistan and confidence in the structural shift underway in the country’s digital financial services ecosystem,” Veon Group Executive Committee Member and Chairman Mobilink Bank, Aamir Ibrahim, was quoted as saying.
“It strengthens Mobilink Bank and JazzCash’s ability to execute on our strategic priorities, invest in resilient technology infrastructure, and contribute to the development of inclusive and sustainable digital banking.”
