Current Affairs - Banking

Punjab National Bank (PNB) partnered with the Indo-Tibetan Border Police (ITBP) by signing a Memorandum of Understanding (MoU) to offer specialized banking services and high-value insurance coverage for ITBP personnel, pensioners, and their families. This partnership aims to enhance financial security and provide extensive insurance benefits such as personal accidental insurance, air accidental insurance, and coverage for medical expenses. The MoU was signed on February 11, 2025, highlighting PNB's commitment to supporting the financial well-being of ITBP members.

IndusInd Bank has become the official banking partner of the Professional Golf Tour of India (PGTI). This collaboration aims to enhance the banking experience for Ultra High Net Worth Individuals (UHNIs) and High Net Worth Individuals (HNIs) through the PIONEER banking program. IndusInd Bank’s partnership with PGTI is part of its strategy to integrate lifestyle experiences with premium banking services, particularly in the sports sector. The bank’s involvement will help grow India’s golfing landscape while offering exclusive engagement opportunities for its premium customers.

Karnataka Bank celebrated its 100th anniversary on February 18, 2024, by launching two new financial products—a specialized savings account for children and a high-interest term deposit scheme. The bank also inaugurated a centenary building, two museums, and 15 new branches to enhance its market presence. These steps highlight Karnataka Bank's commitment to both customer-centric banking and long-term growth, reinforcing its position as a prominent player in India’s financial sector. The bank has also set ambitious expansion goals for the coming years.

The Reserve Bank of India (RBI) has approved the Bank of Maharashtra (BoM) to establish a branch in Gujarat International Finance Tec-City (GIFT City), Gujarat. This approval will enhance the bank's offshore banking operations and align with its expansion plans in the region. The bank already operates 101 branches in Gujarat and is targeting a 25% business growth to ₹15,000 crore by the second quarter of FY25. This move supports GIFT City's development as a prominent financial hub and strengthens India’s global financial standing.

South Indian Bank launched the ‘SIB Quick FD’ service, allowing customers to open Fixed Deposits digitally through UPI, without needing an existing account with the bank. The process is paperless, takes only 5 minutes, and requires minimal documentation. This service is designed to make Fixed Deposit investments accessible to a wider customer base and is available 24/7, making it convenient for users to invest at any time. Additionally, the FD investments are insured up to ₹5 lakhs under DICGC, ensuring security for customers.