Current Affairs - Banking

Axis Bank, one of India’s leading private sector banks, teamed up with Mastercard to introduce the MyBiz credit card, aimed at small business owners and sole proprietors. This premium card offers a range of benefits including airport lounge access, travel insurance, and specialized business services. It also provides exclusive experiences through priceless.com, enhancing the cardholder's lifestyle with curated opportunities in culinary arts, sports, and more. This collaboration leverages Axis Bank's market knowledge and Mastercard’s expertise to address the growing needs of small and medium-sized enterprises in India.

Bank of Baroda has partnered with EaseMyTrip to launch the Bank of Baroda EaseMyTrip Co-branded Travel Debit Card, the first of its kind by a public sector bank in India. This card offers significant discounts on travel and hotel bookings, complimentary OTT memberships, and e-commerce vouchers, providing substantial savings for frequent travellers and lifestyle enthusiasts. The collaboration reflects the growing trend towards customized financial products and customer-centric innovations. The card's features and benefits aim to redefine the travel and lifestyle experience for Bank of Baroda customers.

YES Bank has collaborated with Paisabazaar to introduce the co-branded PaisaSave Cashback Credit Card, targeting frequent shoppers with substantial cashback rewards on everyday purchases. As India's sixth largest private sector bank, YES Bank aims to enhance customer value through this credit card, which offers up to 3% cashback on online transactions. This innovative card also supports unlimited cashback on both online and offline shopping and includes features such as a virtual YES BANK Rupay Credit Card for seamless UPI payments, making it a versatile choice for consumers looking to save while they spend.

HSBC India has launched a global education payments service that allows students and parents to directly pay tuition fees to more than 600 international universities and colleges. Accessible through the HSBC India mobile banking app, this service offers a fully digital process aimed at simplifying payments while reducing remittance costs compared to other available international education payment options. This initiative is designed to make education payments more efficient and cost-effective for customers.

HDFC Bank is focusing on increasing the income of 5 lakh marginal farmers earning less than ₹60,000 annually by 2025 through its Corporate Social Responsibility (CSR) initiative known as 'Parivartan'. Launched in 2014, Parivartan is one of India’s largest CSR programs and covers various pillars such as skill development, financial literacy, healthcare, and rural development. This initiative aims to foster sustainable growth and uplift rural communities by addressing critical areas such as income enhancement for marginal farmers and promoting inclusive development.