Current Affairs - Banking

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.

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.