Current Affairs - Banking

Jio Payments Bank (JPBL) is set to deploy ANPR-based Multi-Lane Free Flow (MLFF) tolling at Shahjahanpur and Manoharpura toll plazas on NH-48, between Gurugram and Jaipur. This initiative is part of NHAI’s pilot project for barrier-free tolling, which allows vehicles to pass through toll plazas without stopping, ensuring automatic and seamless toll deduction. By integrating advanced technology with banking services, Jio Payments Bank is facilitating faster, more efficient toll collection, reducing congestion, and enhancing the travel experience for commuters. This project also showcases the growing role of digital payments in infrastructure and transport sectors.

HDFC Bank launched the “My Business QR” at the Global Fintech Fest (GFF) 2025 in partnership with Vyaparify. The initiative empowers small and medium businesses to establish a digital storefront and unique commerce identity through a single QR code. Integrated with HDFC’s SmartHub Vyapar app, it enables merchants to showcase business details, accept payments, and interact with customers digitally without needing a website or technical setup. This innovation supports India’s vision for digital financial inclusion by helping millions of retailers transition from offline to online operations, improving accessibility, customer engagement, and growth opportunities.

HSBC India has introduced the ‘Innovation Banking’ initiative to provide customised financial and banking solutions for startups at various stages of growth—from seed funding to IPO. The program includes a $1 billion allocation in non-dilutive debt capital, enabling startups to access funding without giving up equity. This move aims to strengthen India’s startup ecosystem by offering long-term financial support and innovative credit solutions, reflecting HSBC’s commitment to nurturing entrepreneurial ventures and driving economic growth through technological innovation and business development.

The Reserve Bank of India cancelled the NBFC (Non-Banking Financial Company) licence of Datta Finance and Trading Pvt Ltd because it violated digital lending guidelines. The company outsourced core lending functions such as customer sourcing, KYC verification, loan disbursal, and recovery, which breaches RBI’s Fair Practices Code and Digital Lending Guidelines. The cancellation prevents Datta Finance from offering or recovering loans and signals RBI’s strict enforcement of ethical conduct and regulatory compliance in the digital lending sector. This move highlights RBI’s emphasis on consumer protection and oversight of financial service providers.

Kotak Mahindra Bank’s Kotak811 app achieved the 3rd position globally in banking app downloads in the first half of 2025, according to Sensor Tower. It recorded over 16 million downloads, surpassing SBI’s Yono app, which ranked 4th with 14 million downloads. This milestone marks a 250% year-on-year growth, making Kotak811 the fastest-growing banking app worldwide during this period. Remarkably, the surge came despite RBI restrictions earlier in the year that temporarily halted new digital onboarding. Kotak811’s digital-first, customer-centric model has played a pivotal role in its rapid adoption and global recognition.