Current Affairs - Banking

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.

Punjab National Bank (PNB) inaugurated its first startup focused branch in New Delhi to encourage entrepreneurship and innovation. The branch has been set up under the framework of the Startup India initiative, which promotes the growth of startups across the country. This specialised branch aims to offer comprehensive financial solutions, tailored banking facilities, and advisory services for entrepreneurs. By situating it in the national capital, PNB intends to provide easier access to resources, credit, and financial support, strengthening the startup ecosystem and contributing to the growth of emerging businesses in India.

Punjab National Bank (PNB) has become the first public sector bank in India to migrate its corporate website to the highly secure ‘.bank.in’ domain, complying with the RBI’s directive on enhancing cybersecurity in the banking sector. This transition was supported by the Institute for Development and Research in Banking Technology (IDRBT), ensuring stronger digital security and trust in online banking services. The initiative highlights PNB’s commitment to safeguarding customer data and adapting to modern technological advancements. With its roots established by Dyal Singh Majithia and Lala Lajpat Rai, PNB continues to uphold its legacy under the leadership of MD & CEO Ashok Chandra.

The State Bank of India (SBI) has launched a Centre of Excellence for MSMEs at its State Bank Academy in Gurugram. This initiative is aimed at strengthening the MSME ecosystem by focusing on skill development, innovation, and knowledge sharing. It will provide significant support to MSME promoters, startups, and other stakeholders in the sector. Moreover, the Centre of Excellence is expected to foster collaboration between academia, industry, government institutions, and banking professionals. By doing so, SBI is contributing to the growth and sustainability of the MSME sector, which is a vital component of India’s economic development and employment generation.