Current Affairs - Banking

IDFC FIRST Bank launched the Business Multiplier Credit Card on May 19, 2026, to support early-stage entrepreneurs, founders, and small business owners. The secured credit card is issued against a fixed deposit, removing the need for traditional credit history, profitability records, or high credit scores. It provides a 100% credit limit against the linked deposit, along with lower interest rates and zero forex markup charges for international transactions. The product is designed to improve financial access for startups and growing businesses while offering flexibility to scale credit limits through additional fixed deposits without undergoing fresh underwriting procedures.

ICICI Bank launched a USD-denominated debit card for Non-Resident Indians (NRIs) in partnership with Visa through its GIFT City branch. Built on the Visa Infinite platform, the card is linked to a USD Global Savings Account maintained at the GIFT City International Banking Unit. The initiative aims to reduce international transaction costs by eliminating traditional currency markup fees and GST charges usually applied to Indian debit cards. It also offers zero forex markup on direct USD transactions, providing significant annual savings for frequent international users. The service is especially targeted at NRIs, overseas professionals, and families supporting international education expenses.

CTBC Bank became the first Taiwanese bank to establish a branch in GIFT City, Gujarat, on May 13, 2026. This marked a significant milestone as it was also the first Taiwanese bank to set up operations anywhere in India. The branch was opened to strengthen cross-border financing, trade, and investment activities between India, Taiwan, and other Asian markets. CTBC Bank has maintained a financial presence in India for around 30 years through branches in New Delhi and Kattupakkam (Chennai). Headquartered in Taipei, Taiwan, the bank was established in 1966 and currently operates under the leadership of CEO Tanmoy Adhikari in India.

AU Small Finance Bank launched a new credit card portfolio on May 14, 2026, introducing four variants tailored to different customer segments and lifestyle needs. The portfolio includes AU Ananta for affluent users, AU Laksya for digitally active professionals and Gen Z customers, AU Tejas for young salaried individuals, and AU Prathama for first-time credit users. These cards provide benefits such as reward points, cashback offers, airport lounge access, EMI facilities, and fuel surcharge waivers. AU Small Finance Bank is recognised as India’s largest Small Finance Bank and is also notable for receiving in-principle approval to transition into a Universal Bank.

The Reserve Bank of India approved Kotak Mahindra Bank to acquire up to 9.99% stake in both AU Small Finance Bank and Federal Bank. The approval allowed the Kotak Mahindra Group to increase its aggregate holding in the two banking institutions through paid-up share capital or voting rights. Following the announcement, market valuations of the involved banks witnessed positive movement. Kotak Mahindra Bank, founded by Uday Kotak in 1985, became the first Non-Banking Financial Company in India to convert into a commercial bank in 2003. The development highlights ongoing consolidation and strategic investments within India’s banking and financial sector.