Current Affairs - Banking

Amitava Chatterjee, previously serving as Deputy Managing Director at State Bank of India, has been appointed as the new Managing Director and Chief Executive Officer of J&K Bank. He will succeed Baldev Prakash, whose term concludes on December 29, 2024. Chatterjee's tenure as MD & CEO will span three years, beginning December 30, 2024.

Tata Power Renewable Energy has partnered with Canara Bank to offer affordable loans for rooftop solar installations as part of the PM Surya Ghar Scheme. This initiative provides financing options with favorable terms, including low-interest rates and long repayment periods, for systems ranging from up to 3 kW to 10 kW capacity. The collaboration aims to promote clean energy adoption, supporting India’s renewable energy targets and enabling residential customers to transition to sustainable energy solutions.

The Reserve Bank of India (RBI) imposed penalties on IndusInd Bank (₹27.3 lakh) and Manappuram Finance (₹20 lakh) due to non-compliance with regulatory norms. Inspections revealed deficiencies, such as the opening of savings accounts for ineligible entities by IndusInd Bank and failure to verify customer PANs or assign Unique Customer Identification Codes by Manappuram Finance. These actions highlight the importance of strict adherence to RBI’s regulatory guidelines.

ICICI Bank partnered with Times Internet to introduce the ‘Times Black ICICI Bank Credit Card,’ a super-premium co-branded card targeting high-net-worth individuals (HNIs) in India. Designed with a unique metallic finish, it incorporates exclusive benefits such as global lounge access, concierge services, and a rewards program, catering to the luxurious lifestyle of affluent customers.

HDFC Bank collaborated with DPIIT to strengthen the startup ecosystem by offering financial access, mentorship, and innovation support. This partnership provides startups with tailored banking products, access to HDFC Bank's extensive network, and capacity-building initiatives to overcome funding challenges and foster growth, ensuring a robust support system for budding entrepreneurs.