Current Affairs - Banking

Punjab & Sind Bank celebrated its 119th Foundation Day on 30th June 2026 in New Delhi by introducing several digital banking initiatives aimed at enhancing customer services and operational efficiency. These included the launch of the Navjyoti mobile application for human resource management, Central Bank Digital Currency (CBDC) services, and a Digital Gold Loan facility. The bank also introduced the PSB Bharat Connect account, specially designed for central and state government employees. Established in 1908 and headquartered in New Delhi, Punjab & Sind Bank is one of India's leading public sector banks with the tagline, "Where Service is a Way of Life."

HSBC India partnered with the National Payments Corporation of India (NPCI) and JP Morgan Payments to introduce real-time foreign exchange (FX) settlement for cross-border UPI transactions. This initiative enables instant currency conversion, faster payment confirmation, and real-time settlement between participating financial institutions. It also reduces settlement risks and improves transparency by providing customers with immediate exchange rates and transaction values. The partnership is a significant step in strengthening UPI's global reach, making international digital payments quicker, more efficient, and more reliable while supporting India's vision of expanding its digital payment ecosystem worldwide.

Punjab National Bank (PNB), in partnership with Zaggle Prepaid Ocean Services Ltd., launched India's first co-branded biodegradable twin credit cards in June 2026. Manufactured using biodegradable materials, these cards promote sustainability while offering users access to both Visa and RuPay networks through a twin-card proposition. Customers benefit from global travel privileges, UPI-enabled payments, discounts on jewellery purchases, fuel surcharge waivers, complimentary airport and railway lounge access, OTT subscriptions, fitness memberships, and insurance coverage. The initiative combines environmentally friendly innovation with digital convenience, as card applications and management are handled through the Zagg. money mobile application.

Federal Bank launched the FCNR Max Deposit Scheme to meet the increasing demand for higher-yield foreign currency investments among Non-Resident Indians (NRIs). The scheme offers a fixed annual return of 6.25% on US dollar-denominated Foreign Currency Non-Resident (FCNR) deposits with tenures ranging from three to five years. It includes a mandatory one-year lock-in period, and premature withdrawals after that period attract a penalty. The initiative is aimed at strengthening the bank’s offshore liability franchise. Federal Bank supports global customers through representative offices in Dubai and Abu Dhabi and operates an IFSC Banking Unit at GIFT City.

BITS Pilani partnered with Axis Bank to establish the Axis Bank–BITS Industry Research, Technology & Innovation Park at its Hyderabad campus. The project is being funded through a ₹100 crore Corporate Social Responsibility (CSR) grant from Axis Bank and will cover approximately 120,000 square feet. The park aims to promote research and innovation in key sectors such as life sciences, biopharma, healthcare, and medical devices. It will focus on deep-tech innovation and translational research to develop commercially viable solutions. The initiative reflects collaboration between academia and industry to strengthen India's research ecosystem and technological advancement.