Current Affairs - Banking

ICICI Bank launched the Student Sapphiro Forex Card, specifically designed for students travelling abroad for higher education. This prepaid forex card, powered by Visa, offers various benefits including ease of use, digital activation options, and the ability to reload funds digitally, catering to the financial needs of students and their parents managing expenses overseas.

The State Bank of India (SBI) introduced "MSME Sahaj," an innovative online loan solution designed specifically for MSMEs. This platform allows MSMEs to obtain loans up to ₹1 lakh against their GST-registered sales invoices within 15 minutes, leveraging automated processing and data-driven credit assessments through SBI's digital platform Yono. The initiative aims to enhance cash flow for micro SME units efficiently.

The RBI increased the Ways and Means Advances (WMA) limit for State governments and Union Territories (UTs) by 28%, raising it from ₹47,010 crore to ₹60,118 crore. This adjustment aims to assist States and UTs in managing temporary mismatches in their cash flow, based on recommendations from State Finance Secretaries and recent expenditure data. The revised limit underscores RBI's proactive measures to support regional financial liquidity during economic fluctuations and fiscal challenges.

Federal Bank has introduced the RuPay Wave Credit Card, leveraging NPCI's UPI technology for seamless transactions. This card allows customers to conduct payments via mobile devices using the FedMobile application. It features benefits such as no annual fees, cashback on initial UPI transactions, and bonus reward points for quarterly expenditures exceeding ₹50,000, enhancing customer convenience and transaction efficiency.

Axis Bank has approved a proposal to acquire additional equity shares in Max Life Insurance for up to ₹336 crore, increasing its collective shareholding from 19.02% to 19.66%. This move is part of Axis Bank's strategy to strengthen its presence in the insurance sector, following previous investments aimed at enhancing its strategic position and influence within Max Life Insurance.