Current Affairs - Banking

HSBC and American Express were the leading foreign banks in terms of net credit card additions in FY25, according to the latest data from the Reserve Bank of India (RBI). HSBC added 216,997 cards, while American Express added 107,086 cards. This growth indicates a strong rebound for these banks after previous declines, and it reflects a broader trend of increasing consumer demand for credit cards in India. The overall banking industry also saw the addition of over 8 million new credit cards, highlighting a rise in digital payment adoption and consumer credit appetite.

The State Bank of India has launched a massive employee engagement and skill development initiative titled ‘Next LEAP’ and ‘SuPer SBI: Great to Greater’ to make its workforce future-ready and boost performance, pride, and productivity. This initiative aims to equip its employees with future-ready skills and instill organizational pride. With over 2.3 lakh employees, SBI's programme is the largest staff engagement and training programme in India's banking sector, focusing on continuous learning, skill development, and succession planning to drive operational efficiency and customer service.

The State Bank of India (SBI) has signed a Memorandum of Understanding with the Land Ports Authority of India (LPAI) to provide comprehensive banking services at 26 land ports across 8 Indian border states. This collaboration aims to improve infrastructure for cross-border trade and passenger movement, offering services like forex, insurance, and digital banking. This strategic move supports India’s broader vision of economic development under Viksit Bharat 2047 by increasing trade capacity and ensuring smooth financial operations at border checkpoints connecting with neighbouring countries like Nepal, Bhutan, Bangladesh, and Myanmar.

Kotak Mahindra Bank has entered into a strategic partnership with the Government of India, through the Investor Education and Protection Fund Authority (IEPFA), to promote financial literacy and investor protection. This collaboration, formalized by a Memorandum of Understanding, will leverage Kotak’s extensive digital and physical infrastructure—such as ATMs, mobile apps, websites, and social media—to display educational content. The initiative is designed to raise awareness about responsible investing, financial fraud prevention, and investor rights, and is scheduled for rollout in the 2025–2026 financial year. Importantly, the program imposes no financial burden on IEPFA, highlighting its cost-effective and impactful approach.

Punjab National Bank (PNB) commemorated its 131st foundation day on April 12, 2025, by unveiling 34 new products and services aimed at enhancing digital operations, financial inclusion, and customer engagement. Established in 1895 in Lahore as part of the Swadeshi Movement, PNB has played a pioneering role in Indian banking history. The foundation day event was attended by Financial Services Secretary M. Nagaraju and featured initiatives like tailored deposit schemes for various demographics, an AI-powered chat assistant named “Pihu,” and advanced digital infrastructure upgrades. These steps reaffirm PNB’s commitment to innovation and inclusivity in financial services.