Current Affairs - Banking

Kotak Mahindra Bank’s Kotak811 app achieved the 3rd position globally in banking app downloads in the first half of 2025, according to Sensor Tower. It recorded over 16 million downloads, surpassing SBI’s Yono app, which ranked 4th with 14 million downloads. This milestone marks a 250% year-on-year growth, making Kotak811 the fastest-growing banking app worldwide during this period. Remarkably, the surge came despite RBI restrictions earlier in the year that temporarily halted new digital onboarding. Kotak811’s digital-first, customer-centric model has played a pivotal role in its rapid adoption and global recognition.

Punjab National Bank (PNB) signed a Memorandum of Understanding with Telecommunications Consultants India Limited (TCIL) on 3 September 2025 to strengthen its IT systems and digital banking capabilities. The partnership focuses on areas like system integration, IT infrastructure rollout, and regulatory-compliant deployments, ensuring PNB delivers secure, resilient, and customer-centric services. TCIL will provide consultancy, project management, and execution support, helping PNB meet rising customer demands while maintaining robust cybersecurity standards. This collaboration not only strengthens PNB’s competitive position in the digital banking sector but also aligns with the broader Digital India mission to expand secure financial services nationwide.

Punjab National Bank (PNB) signed a significant ₹21,000 crore Memorandum of Understanding (MoU) with the Rajasthan government as part of the Rising Rajasthan initiative. The collaboration focuses on empowering MSMEs, promoting women entrepreneurs, and strengthening digital financial inclusion across the state. PNB aims to facilitate easier access to credit, encourage adoption of modern technology, and provide financial support to women-led enterprises. As part of this initiative, 2,000 loan letters were distributed to women entrepreneurs in Jaipur. This MoU represents a step toward socio-economic development and inclusive growth, reinforcing PNB’s role in driving financial empowerment in Rajasthan.

ICICI Bank has partnered with the Department for Promotion of Industry and Internal Trade (DPIIT) to support DPIIT-recognised startups under the Startup India initiative. The MoU, signed on September 4, 2025, introduces a Startup Engagement Programme that will provide accelerator access, structured mentorship, pilot opportunities, and ecosystem networking for startups. ICICI Bank’s Mumbai-based accelerator will serve as a hub for product-based startups, offering workspaces and opportunities to connect with industry leaders, investors, and clients. This collaboration not only empowers early- and growth-stage startups but also helps them test their solutions in real-world environments, enhancing innovation and scalability.

Infosys has partnered with Mastercard to strengthen global cross-border payment solutions by integrating Mastercard Move into its Finacle banking platform. Mastercard Move is a portfolio of advanced money transfer capabilities that supports real-time, secure, and scalable transactions across more than 200 countries and 150 currencies. By embedding this system within Infosys Finacle, financial institutions can reduce integration complexities, improve payment speed and reliability, and enhance risk management. This collaboration highlights the growing role of digital payments in banking, while also supporting the increasing global demand for remittances, particularly in Asia, where India is a leading beneficiary of cross-border money flows.