Current Affairs - Banking

Axis Bank has pledged ₹104 crore to Ashoka University over the next four years to strengthen its PhD and Post-Doctoral research programs. The funding will support the development of research labs in Neurosciences, Behavioral Studies, and Physics, as well as provide fellowships and grants for scholars. This initiative aims to improve interdisciplinary research in India, addressing global challenges like climate change, public health, and economic sustainability. Axis Bank’s contribution emphasizes its commitment to fostering world-class research infrastructure in India.

South Indian Bank (SIB) introduced two specialized startup current accounts—SIB Business Startup Current Account and SIB Corporate Startup Current Account—to cater to the specific banking needs of entrepreneurs. These accounts offer tailored benefits for startups, simplifying financial operations and supporting business growth. The SIB Business Startup Current Account is designed for small businesses, while the SIB Corporate Startup Current Account is aimed at larger entities, including private limited companies and LLPs. This initiative underscores South Indian Bank’s commitment to fostering India's startup ecosystem with innovative banking solutions.

Indian Overseas Bank joined the Partnership for Carbon Accounting Financials (PCAF) on its 89th Foundation Day, demonstrating its commitment to sustainability and responsible banking. PCAF promotes transparency in tracking greenhouse gas emissions from loans and investments, aligning with India’s climate goals. MD & CEO Ajay Kumar Srivastava highlighted the bank’s dedication to fostering a greener economy through sustainable financial practices. This move reinforces IOB’s role in contributing to global environmental efforts.

Karnataka Bank earned top honours in six categories at the 2024 IBA Banking Technology Awards, showcasing its leadership in digital banking. The awards recognized the bank’s achievements in areas such as tech talent, IT risk management, AI adoption, and fintech integration. Karnataka Bank's innovative approaches include fostering a digital-first culture, implementing advanced risk management systems, integrating fintech solutions, and excelling in AI/ML adoption for personalized banking. This recognition underscores the bank’s commitment to advancing technology to enhance customer experiences and drive digital transformation.

Punjab National Bank (PNB) became the first Indian bank to implement Clari5’s NCRP Integration Solution, enabling real-time fraud prevention and efficient complaint management. This innovative solution offers features such as real-time lien marking, debit freeze, and dynamic dashboards, ensuring enhanced security across various banking channels. Additionally, it supports emerging technologies like Central Bank Digital Currencies (CBDCs), setting a benchmark for the banking industry to adopt more advanced fraud prevention measures.