India's weather office issues red alert for Mumbai amid heavy rains and flooding
July 8, 2022, 2:01 pm

India's weather office issues red alert for Mumbai amid heavy rains and flooding

Mumbai floods: Commuters had to walk through floodwaters past stranded motor vehicles - BBC via Getty Images

India’s weather office has issued a red alert for Mumbai, with heavy rains continuing to lash the city and neighboring districts, the BBC reported.

The Indian Meteorological Department (IMD) said, the city, in west India, is expected to see more heavy rainfall on Friday, leading to increased floods.

Monsoon rains are common in Mumbai around this time of the year.

On Thursday (July 7), Mumbai's civic body banned people from visiting beaches on the days for which the weather forecasting agency has predicted heavy rainfall.

Parts of the coastal city have been reportedly inundated with waist-deep water since Monday, bringing it to a standstill.

Many commuters were forced to walk through the floodwaters and past stranded vehicles in a bid to reach their workplace, the BBC said.

Monsoon rains are common in Mumbai around this time of the year - BBC via Getty images

Bus services and commuter trains - which are the lifeline of the city's transport system - were also disrupted, leaving people stranded on stations for hours.

Outside of the city heavy rains also battered Mumbai’s neighboring districts with traffic on a major national highway that connects the city to Goa diverted after a landslide in Chiplun city.

37 dead, 25 still missing after massive landslide in Manipur, India

The country’s weather department has also issued flood alerts for Kerala, a state in the south of India, and parts of Himalayan state, Himachal Pradesh, amid incessant rain.

Monsoon rains in Mumbai are common at this time of year, but experts say climate change and unchecked urban development have made rainfall more intense and less predictable over the last few years, the British broadcaster said.

Every year thousands of people migrate to Mumbai to find work, fueling rapid construction, that is often unregulated, the BBC said.

India’s monsoon rains cover entire country but still down on average

Authorities said that work to remove the debris was underway, but that the movement of vehicles along the route would be affected for at least two days, the BBC reported, citing news channel NDTV.

Source: BBC

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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.