Current Affairs - Banking

Axis Bank partnered with Apple for the initial launch of Apple Pay in India on September 30, 2026. The service was introduced for Visa and Mastercard credit card holders, marking Apple Pay’s entry into the Indian digital payments market. Apple Pay uses tokenisation technology to replace actual card details with a unique encrypted Device Account Number, while transactions are authenticated through Face ID, Touch ID, or a device passcode. Axis Bank, established in 1993 as UTI Bank, is headquartered in Mumbai, Maharashtra. As of September 2026, the bank was led by Managing Director and CEO Amitabh Chaudhry.

Indian Overseas Bank (IOB) partnered with Novio, operated by Credilio Financial Technologies, to launch a co-branded RuPay credit card at the Global Fintech Fest on September 22, 2026. The card is designed to serve UPI-active customers and first-time credit users, offering RuPay Select and RuPay Platinum variants. Key features include UPI-linked engagement, FD-backed credit facilities for customers without formal credit histories, digital onboarding and rewards. IOB aims to issue 50 lakh credit cards over the next three years, with a focus on expanding formal credit access in Tier-V cities. IOB is headquartered in Chennai, Tamil Nadu.

The Reserve Bank of India permitted ICICI Prudential Asset Management Company Ltd to acquire an aggregate stake of up to 9.95% of the paid-up share capital or voting rights in each of the four banks. The institutions covered by the approval are Kotak Mahindra Bank, CSB Bank, DCB Bank, and AU Small Finance Bank. The acquisition must be completed within one year from the date of the RBI approval letters; otherwise, the approval will lapse. RBI approval is required for acquiring a major shareholding of 5% or more in a banking company under Section 12B of the Banking Regulation Act, 1949.

Bandhan Bank launched its first credit card portfolio in collaboration with Mastercard on September 9, 2026, marking its entry into the credit card segment as a universal bank. The portfolio includes four card variants—Sparks, Ignite, Flare, and Lumina—designed for different customer segments and spending preferences. The cards offer benefits such as rewards, international lounge access, golf privileges, concierge services, fuel surcharge waivers, EMI cashback, and EazyDiner rewards. The portfolio was developed with a digital-first application and servicing approach. The launch was led by Partha Pratim Sengupta, the bank’s Managing Director and CEO.

Bandhan Bank launched its inaugural credit card portfolio in collaboration with Mastercard, marking its entry into the credit card segment as a universal bank. The portfolio includes four variants: Sparks, Ignite, Flare and Lumina, designed for different customer segments and spending preferences. Sparks targets Gen Z customers, while Ignite focuses on travel and grocery spending. Flare is a travel-oriented card offering golf privileges and Amazon Pay vouchers, and Lumina is a premium card with concierge services and airport meet-and-greet facilities. The cards also provide benefits such as fuel surcharge waivers, EMI cashback and EazyDiner rewards through a digital-first application and servicing journey.