Current Affairs - Banking

Punjab National Bank (PNB) has become the first public sector bank in India to migrate its corporate website to the highly secure ‘.bank.in’ domain, complying with the RBI’s directive on enhancing cybersecurity in the banking sector. This transition was supported by the Institute for Development and Research in Banking Technology (IDRBT), ensuring stronger digital security and trust in online banking services. The initiative highlights PNB’s commitment to safeguarding customer data and adapting to modern technological advancements. With its roots established by Dyal Singh Majithia and Lala Lajpat Rai, PNB continues to uphold its legacy under the leadership of MD & CEO Ashok Chandra.

The State Bank of India (SBI) has launched a Centre of Excellence for MSMEs at its State Bank Academy in Gurugram. This initiative is aimed at strengthening the MSME ecosystem by focusing on skill development, innovation, and knowledge sharing. It will provide significant support to MSME promoters, startups, and other stakeholders in the sector. Moreover, the Centre of Excellence is expected to foster collaboration between academia, industry, government institutions, and banking professionals. By doing so, SBI is contributing to the growth and sustainability of the MSME sector, which is a vital component of India’s economic development and employment generation.

The State Bank of India (SBI) introduced a special collateral-free personal loan scheme for Agniveers on the occasion of India’s 79th Independence Day. Under this initiative, Agniveers holding an SBI salary account can borrow up to ₹4 lakh with zero collateral, zero processing fee, and a flat interest rate of 10.50%. The repayment tenure is aligned with the Agnipath scheme, ensuring flexibility for beneficiaries after service. Alongside, SBI also revised its IMPS fee structure, imposing nominal charges on online transfers above ₹25,000 while continuing to offer exemptions for certain account holders. These measures strengthen SBI’s support for defence personnel and digital banking users.

ICICI Bank, India’s second-largest private lender, faced widespread criticism after it sharply raised the minimum average balance (MAB) for new urban savings account holders from ₹10,000 to ₹50,000. This move drew heavy backlash from customers and financial experts, as the hike was seen as disproportionate compared to other banks like SBI, which has removed MAB requirements altogether. Responding swiftly, ICICI Bank revised the policy, lowering the urban MAB to ₹15,000, while also reducing thresholds in semi-urban areas. The revision highlights how customer feedback and market competition play a decisive role in shaping banking policies, balancing profitability with inclusivity.

Bank of Baroda has introduced international UPI services via its bob इ Pay app, making cross-border digital payments more accessible for both resident Indians and NRIs. The new features include UPI Global Acceptance, foreign inward remittances, and dedicated UPI access for NRI account holders. Customers can now make payments to merchants abroad, receive money from Singapore in real-time, and NRIs can link their NRE/NRO accounts to use UPI seamlessly. With a daily transaction limit of ₹1,00,000, the initiative strengthens Bank of Baroda’s role in digital banking innovation while aligning with India’s push for global adoption of UPI services.