Current Affairs - Banking

Kotak Mahindra Bank unveiled the Kotak Solitaire Credit Card in May 2025, aiming to capture the elite segment of Indian travellers. This exclusive, invite-only metal card offers premium benefits such as zero foreign transaction fees, unlimited airport lounge access, and airmile conversion options with major airlines and hotels. With its focus on high-value users and frequent flyers, the card is designed to elevate the travel experience while fostering brand loyalty. Kotak Bank’s strategic move reflects the broader trend in financial services towards curated, lifestyle-based offerings for affluent clientele in the evolving travel economy.

HSBC and American Express were the leading foreign banks in terms of net credit card additions in FY25, according to the latest data from the Reserve Bank of India (RBI). HSBC added 216,997 cards, while American Express added 107,086 cards. This growth indicates a strong rebound for these banks after previous declines, and it reflects a broader trend of increasing consumer demand for credit cards in India. The overall banking industry also saw the addition of over 8 million new credit cards, highlighting a rise in digital payment adoption and consumer credit appetite.

The State Bank of India has launched a massive employee engagement and skill development initiative titled ‘Next LEAP’ and ‘SuPer SBI: Great to Greater’ to make its workforce future-ready and boost performance, pride, and productivity. This initiative aims to equip its employees with future-ready skills and instill organizational pride. With over 2.3 lakh employees, SBI's programme is the largest staff engagement and training programme in India's banking sector, focusing on continuous learning, skill development, and succession planning to drive operational efficiency and customer service.

The State Bank of India (SBI) has signed a Memorandum of Understanding with the Land Ports Authority of India (LPAI) to provide comprehensive banking services at 26 land ports across 8 Indian border states. This collaboration aims to improve infrastructure for cross-border trade and passenger movement, offering services like forex, insurance, and digital banking. This strategic move supports India’s broader vision of economic development under Viksit Bharat 2047 by increasing trade capacity and ensuring smooth financial operations at border checkpoints connecting with neighbouring countries like Nepal, Bhutan, Bangladesh, and Myanmar.

Kotak Mahindra Bank has entered into a strategic partnership with the Government of India, through the Investor Education and Protection Fund Authority (IEPFA), to promote financial literacy and investor protection. This collaboration, formalized by a Memorandum of Understanding, will leverage Kotak’s extensive digital and physical infrastructure—such as ATMs, mobile apps, websites, and social media—to display educational content. The initiative is designed to raise awareness about responsible investing, financial fraud prevention, and investor rights, and is scheduled for rollout in the 2025–2026 financial year. Importantly, the program imposes no financial burden on IEPFA, highlighting its cost-effective and impactful approach.