Current Affairs - Banking

Tata Power Solar Systems Ltd has partnered with the Bank of India to offer financing solutions for rooftop solar installations and EV charging stations. This collaboration makes Bank of India the first bank to partner with Tata Power Solar in these financing areas. The partnership supports various government initiatives aimed at promoting rooftop solar installations, such as the PM Surya Ghar Yojana and the National Solar Mission, thereby advancing both renewable energy adoption and electric vehicle infrastructure.

Karnataka Bank has partnered with ICICI Lombard General Insurance to provide its customers with a diverse range of insurance products, including health, motor, travel, and home insurance. This strategic collaboration aims to address the various insurance needs of individuals and businesses. The partnership also focuses on digital insurance solutions, offering online policy purchases, real-time claims processing, and personalized advisory services to enhance customer convenience and provide best-in-class insurance solutions.

IndusInd Bank has launched the 'Wrestle for Glory' program in collaboration with the Inspire Institute of Sport (IIS) as part of its CSR initiative. This program is designed to empower 50 talented female wrestling athletes from across India by providing them with coaching at the IIS facility on fully-funded scholarships. The initiative is part of the 'IndusInd For Sports' vertical, which aims to promote inclusivity and excellence in sports, emphasizing the participation of individuals from diverse backgrounds, including different genders, persons with disabilities, and underprivileged communities.

LIC has entered into a partnership with IDFC First Bank to provide online life insurance policies. This collaboration enables over 1 crore customers of IDFC First Bank to purchase LIC policies directly through the bank's website. IDFC First Bank, led by CEO V. Vaidyanathan, is facilitating this offering, showcasing its role in expanding insurance access through digital channels. The partnership with LIC, chaired by Siddharth Mohanty, aims to enhance customer convenience and broaden the reach of life insurance products.

SBI's Amrit Vrishti scheme is designed to offer attractive returns on fixed deposits with a term of 444 days. The base interest rate for this scheme is 7.25% per annum. Senior citizens benefit from an additional 0.50%, bringing their total interest rate to 7.75% per annum. The scheme, which is available from July 15, 2024, to March 31, 2025, also includes a premature withdrawal penalty of 0.50% for deposits up to Rs 5 lakh and 1% for deposits above Rs 5 lakh but below Rs 3 crore. However, SBI staff and pensioners are exempt from this penalty, making it an appealing option for secure, medium-term investments.