Current Affairs - Banking

The Reserve Bank of India (RBI) implemented the revamped Integrated Ombudsman Scheme (RB-IOS, 2026) with effect from July 1, 2026. The scheme replaced the 2021 framework while continuing the "One Nation, One Ombudsman" approach to provide jurisdiction-neutral grievance redressal. It covers banks, eligible NBFCs, non-bank prepaid payment instrument issuers, and credit information companies. The revised framework also specifies compensation limits, complaint timelines, and streamlined filing through the Centralised Receipt and Processing Centre (CRPC), the CMS portal, and a 24×7 multilingual contact centre to improve customer grievance resolution.

Kotak Mahindra Bank announced the acquisition of Deutsche Bank India’s retail, private banking, and wealth management businesses on June 30, 2026, in a deal valued at ₹282 crore. The acquisition includes a loan portfolio of ₹29,000 crore, deposits worth ₹16,000 crore, and assets under management (AUM) totalling ₹10,500 crore. This strategic move is expected to strengthen Kotak Mahindra Bank’s retail banking and wealth management presence while expanding its customer base and enhancing its market position in India's competitive banking sector.

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.