Current Affairs - Banking

Paytm Payments Bank is facing major restrictions imposed by the Reserve Bank of India (RBI), including prohibiting new deposits, credit transactions, and account top-ups from February 29th onwards, due to persistent non-compliance and supervisory concerns.

ESAF Small Finance Bank has partnered with Edelweiss Tokio Life Insurance to provide life insurance, aiming to diversify offerings and extend financial security to the unbanked. This alliance emphasizes ESAF's commitment to reaching the unbanked and underbanked population, especially in rural markets across India.

Bank of Baroda's card subsidiary, 'BOB Financial Solutions Limited,' has been rebranded as 'BOBCARD Limited' with the tagline "Credit Reimagined," reflecting a strategic move to revolutionize credit experiences.

Bank of Baroda successfully raised Rs 5,000 crore through the issuance of 10-year infrastructure bonds, receiving a robust response with 128 bids totalling Rs 14,950 crore against the targeted issue size of Rs 5,000 crore.

The Reserve Bank of India has approved Life Insurance Corporation of India's acquisition of up to 9.99% stake in HDFC Bank, the nation's largest private sector bank. The approval, subject to various conditions, mandates LIC to complete the major shareholding purchase by January 24, 2025.