Current Affairs - Banking

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.

BOBCARD has launched the TIARA Credit Card, a premium financial product designed specifically for women. This card empowers modern women with exclusive perks in travel, health, dining, and lifestyle. It offers rewards like 15 points for every ₹100 spent on select categories, complimentary health packages, personal accident coverage, and lifestyle vouchers worth ₹31,000. Additional benefits include free OTT memberships, domestic lounge access, and reduced forex mark-ups. TIARA is powered by the RuPay network and aims to inspire financial autonomy with its slogan, ‘Your Woman Card is Your Power Move.’

SBI Card has surpassed 20 million credit cards in circulation, marking a significant achievement in its growth since its inception in 1998. The company maintained an impressive compound annual growth rate (CAGR) of 25% in card issuance and 26% in spending from FY19 to FY24. Despite being the second-largest issuer in India, following HDFC Bank, SBI Card continues to show strong growth, supported by innovations, customer-centric services, and expanding market reach across urban and rural areas. This milestone solidifies SBI Card's leadership in the competitive credit card industry.