Current Affairs - Banking

Punjab National Bank (PNB) took a notable step by disbursing ₹17.02 crore under its Rakshak Plus Scheme to support the families of 26 martyred soldiers and paramilitary personnel. The scheme is designed exclusively for defence and paramilitary personnel, providing comprehensive insurance benefits such as ₹1 crore for accidental death or permanent disability and ₹1.5 crore for air travel-related fatalities. PNB's initiative is not just financial in nature; it symbolizes a larger gesture of national solidarity and gratitude. The prompt and tailored support highlights the bank’s ongoing commitment to those serving in high-risk roles for the country’s safety and sovereignty.

Maruti Suzuki India has signed a Memorandum of Understanding (MoU) with Equitas Small Finance Bank to provide vehicle financing solutions, aiming to enhance accessibility and affordability for its customers. Through this strategic partnership, Equitas will leverage its extensive customer base and financial products to support Maruti Suzuki’s wide-ranging vehicle portfolio. The collaboration not only benefits potential car buyers with easier loan options but also helps both companies expand their market presence. By combining Maruti Suzuki’s automotive leadership with Equitas’s financial outreach, the move is expected to improve customer satisfaction and accelerate growth in both the automobile and banking sectors.

DFCC Bank PLC of Sri Lanka made history by becoming the first foreign corporation to list a green bond on India’s NSE International Exchange (NSE IX) at GIFT City. This move marked a significant milestone in cross-border financial cooperation and sustainable development, aligning with India’s aspirations for GIFT City as a global financial hub. The LKR 2.5 billion green bond, primarily aimed at financing solar PV projects, demonstrates DFCC Bank's commitment to green financing and regional market integration. The listing also reinforces the bank’s multi-exchange strategy, having previously listed on the Luxembourg Stock Exchange.

Scapia, a travel-focused fintech company based in Bengaluru, teamed up with Federal Bank to launch the Scapia Federal RuPay Credit Card. This innovative card combines the domestic UPI-enabled RuPay network with the globally accepted Visa network, offering users a seamless credit experience. Targeted at mobile-first travellers, it includes benefits like zero forex markup, integrated UPI-credit functionality, a unified credit statement, and generous reward programs in the form of Scapia Coins. The card also offers airport perks such as complimentary lounge access, making it a unique solution for modern financial and travel needs across India and internationally.

The Reserve Bank of India has reduced the qualifying asset threshold for NBFC-MFIs from 75% to 60%. This change allows NBFC-MFIs to diversify their loan portfolio, freeing up 15% of asset space. The move is expected to provide operational flexibility, balance sheet stability, and better cross-cycle earnings, ultimately enhancing service delivery to poor households and enabling MFIs to customize financial products for low-income and underserved segments.