Current Affairs - Banking

The State Bank of India (SBI) has signed a Memorandum of Understanding with the Land Ports Authority of India (LPAI) to provide comprehensive banking services at 26 land ports across 8 Indian border states. This collaboration aims to improve infrastructure for cross-border trade and passenger movement, offering services like forex, insurance, and digital banking. This strategic move supports India’s broader vision of economic development under Viksit Bharat 2047 by increasing trade capacity and ensuring smooth financial operations at border checkpoints connecting with neighbouring countries like Nepal, Bhutan, Bangladesh, and Myanmar.

Kotak Mahindra Bank has entered into a strategic partnership with the Government of India, through the Investor Education and Protection Fund Authority (IEPFA), to promote financial literacy and investor protection. This collaboration, formalized by a Memorandum of Understanding, will leverage Kotak’s extensive digital and physical infrastructure—such as ATMs, mobile apps, websites, and social media—to display educational content. The initiative is designed to raise awareness about responsible investing, financial fraud prevention, and investor rights, and is scheduled for rollout in the 2025–2026 financial year. Importantly, the program imposes no financial burden on IEPFA, highlighting its cost-effective and impactful approach.

Punjab National Bank (PNB) commemorated its 131st foundation day on April 12, 2025, by unveiling 34 new products and services aimed at enhancing digital operations, financial inclusion, and customer engagement. Established in 1895 in Lahore as part of the Swadeshi Movement, PNB has played a pioneering role in Indian banking history. The foundation day event was attended by Financial Services Secretary M. Nagaraju and featured initiatives like tailored deposit schemes for various demographics, an AI-powered chat assistant named “Pihu,” and advanced digital infrastructure upgrades. These steps reaffirm PNB’s commitment to innovation and inclusivity in financial services.

The 'Grahak Mitras' initiative has been launched by the State Bank of India (SBI), India’s largest public sector bank. This customer-centric move aims to ease congestion at branches and promote digital banking by deploying trained personnel from SBI’s subsidiary, SBOSS, across nearly 4,500 branches. These Grahak Mitras help walk-in customers—especially those less familiar with digital platforms—navigate self-service and alternate banking options. With a focus on enhancing digital literacy and improving service efficiency, this strategic deployment underscores SBI’s commitment to inclusive banking and digital transformation across its vast branch network.

ICICI Bank has entered into a co-lending partnership with Piramal Finance to provide improved credit access to middle and low-income borrowers, particularly in semi-urban and rural areas. This collaboration focuses on offering affordable home loans and financial support to MSMEs, leveraging Piramal’s extensive branch network and ICICI’s banking capabilities. The initiative plays a crucial role in extending financial services to underserved populations in Tier 2 and Tier 3 cities, contributing to inclusive economic growth. By combining their strengths, the two institutions aim to create a streamlined credit delivery system tailored to regional needs.