Current Affairs - Banking

SBI has taken a strategic step to strengthen India’s digital payment ecosystem by acquiring a 50% stake in the Indian Digital Payment Intelligence Corporation (IDPIC). The bank invested ₹10 crore to acquire 1 crore shares in this not-for-profit entity, which has an authorised capital of ₹500 crore. IDPIC is designed to function as a unified fraud-detection platform that enables real-time data sharing and collective intelligence among stakeholders. This initiative aims to prevent digital payment frauds, enhance customer protection, and build greater trust in digital transactions across the country.

DBS was awarded the Global Bank of the Year 2025 by The Banker, a respected publication of the Financial Times Group, during the Bank of the Year Awards held in London. Headquartered in Singapore, DBS stood out among nearly 300 banks from over 130 countries due to its strong financial performance, strategic resilience, and leadership in digital banking. This achievement marked its third win in this prestigious category, following earlier titles in 2018 and 2021. The recognition further strengthened DBS’s global reputation, as it simultaneously held top honours from both The Banker and Euromoney.

Fino Payments Bank achieved a major milestone by becoming the first payments bank in India to secure the Reserve Bank of India’s in-principle approval to transition into a Small Finance Bank. This approval allows it to overcome the limitations of the payments bank model, such as the inability to lend or accept deposits above ₹2 lakh. By moving toward SFB status, Fino can expand its services, enter the lending market, and serve a broader range of customers, especially in underserved and rural regions. The shift is expected to enhance financial inclusion while strengthening Fino’s long-term growth, competitiveness, and operational capabilities.

Bank of India partnered with the State Bank of India to establish a Centre of Excellence in Strategic Partnership aimed at strengthening project financing capabilities. This collaboration is designed to enhance leadership, innovation and coordinated expertise in financing large-scale projects across sectors. By combining resources and focusing on teamwork, the two institutions aim to improve strategic decision-making and create more efficient frameworks for evaluating and supporting major developmental initiatives. The partnership underscores the growing need for robust financial mechanisms in infrastructure development and highlights the important role that collaborative banking models can play in advancing national economic growth.

Punjab National Bank selected Harmanpreet Kaur, captain of the Indian women’s cricket team, as its first female brand ambassador, marking a significant milestone in the bank’s branding and customer outreach efforts. The announcement was made at the bank’s New Delhi corporate office during an event symbolically titled “Banking On Champions.” Senior leadership attended the ceremony, highlighting the importance of the collaboration. Harmanpreet unveiled several new products, including PNB’s first metal credit card, an upgraded digital platform, and initiatives promoting solar solutions and bullion trading. This partnership reflects PNB’s broader focus on empowerment, modernisation, and innovation-driven financial services.