Current Affairs - Banking

The Reserve Bank of India (RBI) has identified the State Bank of India, HDFC Bank, and ICICI Bank as Domestic Systemically Important Banks (D-SIBs) due to their significant size, complexity, and systemic importance to the Indian economy. Axis Bank, on the other hand, indicates it does not meet the RBI's criteria for systemic importance. D-SIBs are subject to stricter regulations and are considered "too big to fail," requiring government support during economic downturns to prevent systemic disruption.

The State Bank of India (SBI) has taken a significant step in driving financial innovation and digital transformation by launching the 'SBI Innovation Hub' in partnership with APIX at the Singapore Fintech Festival. This initiative provides a dedicated space for global FinTechs, startups, and innovators to create next-generation financial solutions catering to SBI's diverse customer base. The hub offers access to over 250 financial service APIs, a sandbox environment, and opportunities for collaboration, hackathons, and strategic partnerships. This move underscores SBI's commitment to financial inclusion, customer-centric solutions, and its vision for digital transformation.

Deutsche Bank has demonstrated its long-term commitment to India with a significant ₹5,113 crore capital infusion, marking the largest in recent years. This investment boosts its regulatory capital to ₹30,000 crore, a 33% increase from 2023. The bank aims to leverage India's strategic position in global trends like digital transformation and infrastructure development to drive future growth. Deutsche Bank's capital base in India has tripled over the past decade, underscoring the country's importance in its global growth strategy. This infusion will fund growth and expand services across corporate, investment, and private banking.

IDFC FIRST Bank has pioneered the introduction of real-time tracking for cross-border payments in India, utilizing Swift GPI technology. This innovative service enables customers to track international money transfers seamlessly through the bank's Mobile App and Internet Banking platforms. By providing transparency and convenience, IDFC FIRST Bank enhances the customer experience, making international transactions as trackable as domestic UPI or IMPS payments. This move underscores the bank's commitment to leveraging technology for improved customer satisfaction and efficiency in banking services.

DBS Bank India has been named one of the 'Best Companies for Women in India' (BCWI) for the ninth consecutive year and has earned a spot in the "Best Companies - Hall of Fame." This recognition highlights DBS Bank's commitment to gender equity, with women comprising 31% of its workforce. The bank aims to increase this to 35% within three years. DBS Bank's dedication to diversity, equity, and inclusion is reflected in its various programs, such as the High-Potential Programme, LEAD Programme, and Reimagine Programme, which empower women employees and support their career development.