Current Affairs - Banking

DBS Bank India has been named one of the Best Companies for Women in India (BCWI) 2024 for an impressive ninth consecutive year. This recognition, conferred by Avtar and Seramount, places DBS Bank in the esteemed "Best Companies - Hall of Fame." The bank's commitment to gender diversity and inclusion is evident in its goal to increase female representation in its workforce from 31% to 35% over the next three years. DBS Bank's Diversity, Equity, and Inclusion (DEI) Council and DEI Champions drive this initiative, fostering a supportive and inclusive work environment.

Solex Energy has collaborated with the State Bank of India (SBI) to facilitate financing for solar projects aimed at commercial, industrial, and institutional clients. Under the Surya Shakti Solar Finance Scheme, SBI will provide loans up to ₹10 crore, helping to make solar energy more affordable and accessible. This partnership will allow Solex Energy to expand solar solutions by supporting clients with site assessments, design, and approvals, while SBI ensures a streamlined loan application process via its digital platform, enhancing solar adoption in India.

HDFC Bank has opened its first branch in Singapore, marking its expansion in international operations after receiving a wholesale banking license from the Monetary Authority of Singapore. The branch was inaugurated by Rakesh Singh, Group Head of International Banking. With this addition, HDFC Bank now operates five international branches, including those in Hong Kong, Bahrain, and Dubai, and an IFSC Banking Unit in Gujarat International Finance Tech City (GIFT City). The new branch will further strengthen the bank's global presence and enhance its international banking services.

The Bank of Baroda has launched the 'Bob Utsav Deposit Scheme', a limited-period 400-day term deposit offering competitive interest rates to various depositor categories. The scheme provides interest rates ranging from 7.30% for general citizens to 7.90% for super senior citizens. Additionally, the Bank of Baroda has increased interest rates on term deposits for select tenors, including a 30 basis points increase for the 3-5-year bucket. This move aims to capitalize on the current interest rate cycle, providing attractive savings options for customers during the festive season.

The partnership between the International Finance Corporation (IFC) and Axis Bank resulted in a historic $500 million blue loan, representing India's first blue finance initiative. This loan is dedicated to supporting sustainable projects such as water management, marine ecosystem restoration, and green infrastructure development. As a significant climate finance initiative, it highlights the growing importance of blue loans in addressing environmental challenges and promoting sustainable growth in India. Axis Bank's commitment to sustainable lending underlines its role in fostering climate resilience through financial innovation.