Current Affairs - Banking

IDFC FIRST Bank launched the ACE feature on its mobile banking app, designed to assist customers with DIY mutual fund investing. This feature offers access to over 2,500 mutual funds, providing detailed information on fund categories, historical performance, holdings, and expert ratings. ACE delivers a premium user experience by integrating public data, insights, and a seamless investment journey, allowing customers to make informed and efficient investment decisions. This initiative aims to enhance customer experience in the growing space of mutual fund investments.

The Bank of Mauritius (BOM) signed a Memorandum of Understanding (MoU) with the Reserve Bank of India (RBI) to facilitate trade transactions in Indian Rupees (INR) and Mauritian Rupees (MUR). This agreement is aimed at promoting bilateral trade and financial cooperation between India and Mauritius by enabling transactions in their respective local currencies, reducing costs and improving efficiency in cross-border trade. The MoU is a step toward strengthening the economic and financial ties between the two nations.

The State Bank of India (SBI) is setting up a specialized unit to handle project financing for emerging sectors such as artificial intelligence (AI), e-commerce, and fintech. This initiative is part of SBI's broader strategy to diversify its project finance portfolio beyond traditional infrastructure projects. The bank plans to complete the setup of this unit within a year, recruit specialized professionals, and appoint an external consultant for its successful execution. The unit will be named the "Center of Excellence for Project Financing" and will provide financing solutions to new-age industries.

The Federal Bank has entered into a Memorandum of Understanding (MoU) with the Small Industries Development Bank of India (SIDBI) to provide enhanced financial support to micro, small, and medium enterprises (MSMEs). This partnership aims to improve the MSME ecosystem by offering a variety of financing services, such as project finance, machinery loans, working capital support, and loans against property. The collaboration also explores joint financing options to make credit more accessible to MSMEs, aligning with the government’s focus on bolstering the MSME sector.

HDFC Bank signed a Memorandum of Understanding (MoU) with the Indian Air Force (IAF) and CSC Academy to launch Project HAKK (Hawai Anubhavi Kalyan Kendra). This project is aimed at assisting defence pensioners, veterans, and their families by providing financial services, skill development, and promoting economic inclusiveness. It is part of HDFC Bank's Parivartan initiative, which focuses on supporting ex-servicemen and their families across various regions in India.