Current Affairs - Banking

Chandigarh and Dadra Nagar Haveli became the first Union Territories to implement CBDC-based food subsidy transfers under the Pradhan Mantri Garib Kalyan Anna Yojana. The initiative uses programmable Digital Rupee tokens to transfer food subsidies directly into beneficiaries’ CBDC wallets instead of traditional bank accounts. Beneficiaries can use these tokens to purchase foodgrains from empanelled merchants through real-time digital payments. The rollout aims to reduce leakages, diversion, and cash-handling issues in subsidy delivery. It follows earlier pilot implementations in Puducherry and Gujarat and represents a major step toward fully digital welfare delivery.

IndusInd Bank partnered with EazyDiner to launch the EazyDiner IndusInd Bank Platinum RuPay Credit Card on August 11, 2026. The lifetime-free card has no joining or annual fees and is issued on the RuPay network, allowing customers to link it with UPI apps for QR-based payments. Cardholders can receive dining discounts through the EazyDiner app, a complimentary three-month EazyDiner Prime membership, and monthly Buy One Get One movie ticket benefits through BookMyShow. The card also offers EazyPoints that can be redeemed for dining experiences and lifestyle benefits. IndusInd Bank began operations in 1994 and is headquartered in Mumbai.

HDFC Bank launched two specialised savings account variants, ‘Max for Seniors’ and ‘Max for Her’, on August 4, 2026, under its Savings Max portfolio. ‘Max for Seniors’ provides benefits such as digital fraud insurance, an Auto Sweep facility, an additional 0.5% interest rate on Fixed Deposits, doorstep banking, and personal accidental death cover. ‘Max for Her’ offers accident insurance, locker charge discounts, health check-ups, and airport lounge access. The products are designed specifically for senior citizens and women customers. HDFC Bank is India’s largest private sector bank by assets and is headquartered in Mumbai, Maharashtra.

State Bank of India (SBI) is set to become the first Indian bank in 2026 to issue Basel III-compliant Additional Tier-I (AT-1) Perpetual Bonds. Through this issuance, SBI plans to raise ₹5,000 crore as part of its ₹60,000 crore capital-raising programme for FY 2026–27. The bonds will include a five-year call option, subject to regulatory approval. AT-1 Perpetual Bonds help banks strengthen their capital base, improve the Capital Adequacy Ratio (CAR), comply with Basel III regulations, and enhance their capacity to absorb financial losses. The initiative will also support SBI's future lending, business expansion, and long-term financial resilience.

Punjab National Bank (PNB) signed a Memorandum of Understanding (MoU) with the Government of Andhra Pradesh on July 23, 2026, to establish India's first bank-led Quantum Finance Hub at Amaravati Quantum Valley (AQV). The initiative marks PNB as the first bank in the country to partner with a state government for a dedicated Quantum Finance Hub. The project aims to integrate Quantum Computing and Artificial Intelligence (AI) into digital banking, strengthen cybersecurity and fraud detection, improve operational efficiency, and enhance customer experience. Established in 1894, PNB is India's first Swadeshi Bank and is headquartered in New Delhi.