Current Affairs - Banking

HDFC Bank has introduced GIGA, a comprehensive financial suite tailored for gig workers in India. This initiative includes savings and current accounts, specialized debit and credit cards, and affordable health insurance starting at Rs 20 per day. GIGA is designed to address the unique financial needs of gig workers by offering a flexible savings account with low balance requirements and a business credit card that provides rewards and deals on essential services. This move highlights HDFC Bank's commitment to supporting the growing gig economy.

Tata Power Solar Systems Ltd (TPSSL) has entered into a strategic partnership with ICICI Bank to offer financing solutions for solar units to both residential and corporate customers. Through this collaboration, customers can access loans up to ₹90 lakh, with options for collateral-free loans and flexible repayment tenures of up to 5 years. Additionally, customers seeking higher loan amounts with collateral can benefit from extended tenures of up to 20 years. This initiative is part of TPSSL's efforts to make solar energy more accessible and affordable.

Punjab National Bank (PNB) recently introduced the PNB ANTAH DRISHTI Braille Debit Card, specifically designed for visually impaired individuals. This card, part of the RuPay network, supports contactless transactions, enhancing accessibility for its users. Established in 1894, PNB is a major public sector bank in India, headquartered in New Delhi. The introduction of this Braille Debit Card reflects PNB’s commitment to inclusivity and improving financial services for all customers.

Setu, owned by Pine Labs, has launched the UPISetu platform in collaboration with Axis Bank. UPISetu is designed to enhance the UPI payment ecosystem, offering a range of services such as QR code payments, Autopay, EMI options, and Third-Party Validation. The partnership with Axis Bank underscores the bank's commitment to advancing digital payment solutions and supporting the digitization efforts of businesses in India.

Tan Su Shan has been appointed as the first female CEO of DBS, set to take over in March 2025. With 35 years of experience in banking, including leadership roles at Morgan Stanley and Citigroup, Tan’s appointment marks a significant milestone for DBS. She is the first "homegrown" leader to succeed the outgoing CEO Piyush Gupta, reflecting the bank's commitment to continuity and internal talent development.