Current Affairs - Banking

The Life Insurance Corporation of India (LIC) has increased its stake in the Bank of Maharashtra from 4.05% to 7.10% by allotting 25.96 crore equity shares at ₹57.36 each through a Qualified Institutional Placement (QIP). This strategic investment indicates LIC’s confidence in the bank's growth potential and aims to bolster its balance sheet for future expansion plans. The increase in shareholding surpasses 5%, demonstrating LIC's commitment to supporting the public sector bank. This move aligns with LIC's overall investment strategy amidst its recent adjustments in other holdings.

The State Bank of India (SBI) has partnered with Singapore Airlines to introduce the KrisFlyer SBI Card, a co-branded credit card designed for frequent travellers. The card is available in two variants: KrisFlyer SBI Card and KrisFlyer SBI Card Apex. Cardholders can earn KrisFlyer miles, with the base variant offering 3,000 miles and the Apex variant offering 10,000 miles. The partnership aims to provide customers with rewarding travel experiences and enhanced benefits. This collaboration strengthens SBI's presence in the Indian credit card market and expands its portfolio of co-branded offerings.

The Reserve Bank of India (RBI) organized a conference for the Directors of Small Finance Banks (SFBs) in Bengaluru. The focus of the conference was on the governance of SFBs and its role in promoting sustainable growth and stability. Bengaluru, being a significant hub for the banking and finance industry, was chosen as the venue. The conference also highlighted the importance of governance in ensuring the success and long-term stability of SFBs.

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.