Current Affairs - Banking

Punjab National Bank (PNB) commemorated its 131st foundation day on April 12, 2025, by unveiling 34 new products and services aimed at enhancing digital operations, financial inclusion, and customer engagement. Established in 1895 in Lahore as part of the Swadeshi Movement, PNB has played a pioneering role in Indian banking history. The foundation day event was attended by Financial Services Secretary M. Nagaraju and featured initiatives like tailored deposit schemes for various demographics, an AI-powered chat assistant named “Pihu,” and advanced digital infrastructure upgrades. These steps reaffirm PNB’s commitment to innovation and inclusivity in financial services.

The 'Grahak Mitras' initiative has been launched by the State Bank of India (SBI), India’s largest public sector bank. This customer-centric move aims to ease congestion at branches and promote digital banking by deploying trained personnel from SBI’s subsidiary, SBOSS, across nearly 4,500 branches. These Grahak Mitras help walk-in customers—especially those less familiar with digital platforms—navigate self-service and alternate banking options. With a focus on enhancing digital literacy and improving service efficiency, this strategic deployment underscores SBI’s commitment to inclusive banking and digital transformation across its vast branch network.

ICICI Bank has entered into a co-lending partnership with Piramal Finance to provide improved credit access to middle and low-income borrowers, particularly in semi-urban and rural areas. This collaboration focuses on offering affordable home loans and financial support to MSMEs, leveraging Piramal’s extensive branch network and ICICI’s banking capabilities. The initiative plays a crucial role in extending financial services to underserved populations in Tier 2 and Tier 3 cities, contributing to inclusive economic growth. By combining their strengths, the two institutions aim to create a streamlined credit delivery system tailored to regional needs.

Equitas Small Finance Bank, the second-largest small finance bank in India, appointed Balaji Nuthalapadi as Executive Director – Technology and Operations effective 29 March 2025. This strategic appointment reflects the bank’s strong focus on digital transformation, operational excellence, and enhanced customer experience. Balaji brings over two decades of experience in operations, digital banking, and financial services, having held leadership roles at Citi, including MD & Head of Operations and Technology for South Asia. His appointment, approved by the RBI and the bank’s board, supports Equitas’ broader vision to accelerate its digital-first mission while deepening its commitment to financial inclusion and social impact.

According to the information, 98.21% of ₹2000 notes have been returned to the banking system following their withdrawal in May 2023. This indicates a strong response from the public in exchanging or depositing the notes. The other options are incorrect percentages that do not reflect the actual return rate of ₹2000 notes.