Current Affairs - Banking

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.

IDFC FIRST Bank has collaborated with RuPay to introduce the FIRST EA₹N RuPay Credit Card. This secured card combines the benefits of a fixed deposit with cashback rewards on UPI transactions. Users can earn cashback on UPI payments, with a minimum fixed deposit of ₹5,000, providing financial flexibility. The card also offers additional perks, including complimentary roadside assistance and personal accident cover, making it a convenient choice for users.

HSBC India has been granted approval by the Reserve Bank of India (RBI) to establish 20 new branches across key cities, marking its largest expansion in over a decade. This strategic move reflects the bank’s focus on India’s rapidly growing affluent and ultra-high net worth market. With the addition of these branches, HSBC India’s total network will increase to 46. The bank has also been strengthening its wealth solutions, including launching Global Private Banking in 2023 and acquiring L&T Investment Management in 2022, showcasing its commitment to catering to India’s burgeoning wealth markets.

Bajaj Broking has collaborated with Tamilnad Mercantile Bank (TMB) to introduce a 3-in-1 account that integrates banking, broking, and investment services. This partnership simplifies trading by enabling TMB customers to access Bajaj Broking’s advanced platform for seamless online trading, fund transfers, and reduced paperwork. The initiative enhances convenience and empowers investors with technology-driven tools and research insights for better decision-making in the financial market.

The Reserve Bank of India (RBI) has approved the merger of National Co-operative Bank (Bangalore) with Cosmos Co-operative Bank (Maharashtra), effective January 6, 2025. This merger is part of efforts to strengthen the cooperative banking sector. Post-merger, all branches of the National Co-operative Bank will function under the Cosmos Co-operative Bank umbrella. The decision comes after financial restrictions were imposed on the National Co-operative Bank due to weak financial performance, emphasizing the need for consolidation and stability in the sector.