Current Affairs - Banking

HDFC Bank is focusing on increasing the income of 5 lakh marginal farmers earning less than ₹60,000 annually by 2025 through its Corporate Social Responsibility (CSR) initiative known as 'Parivartan'. Launched in 2014, Parivartan is one of India’s largest CSR programs and covers various pillars such as skill development, financial literacy, healthcare, and rural development. This initiative aims to foster sustainable growth and uplift rural communities by addressing critical areas such as income enhancement for marginal farmers and promoting inclusive development.

Union Bank of India has become the first major Indian bank to join the Partnership for Carbon Accounting Financials (PCAF), a global initiative focused on assessing and disclosing greenhouse gas emissions linked to financial institutions' loans and investments. This move aligns with the Reserve Bank of India's new draft guidelines on climate-related financial risk disclosures, issued in February 2024. By joining PCAF, the Union Bank of India is taking a proactive step in managing financed emissions and enhancing its climate risk strategy.

Union Bank of India has become the first major Indian bank to join the Partnership for Carbon Accounting Financials (PCAF), a global initiative that provides a standardized framework for assessing and disclosing greenhouse gas emissions linked to financial services. This move aligns with the Reserve Bank of India's (RBI) draft guidelines on climate risk disclosures, highlighting the bank's commitment to tracking and managing financed emissions. By joining PCAF, the Union Bank of India will take a significant step towards promoting sustainable finance and reducing its carbon footprint.

The State Bank of India (SBI) Foundation has launched the third edition of its Asha Scholarship Program, aimed at providing financial support to 10,000 talented students from underprivileged backgrounds. The scholarship program offers amounts ranging from Rs 15,000 to Rs 20 lakh, helping students from Class 6 to postgraduate levels achieve their educational goals. This initiative reflects SBI's commitment to fostering educational opportunities for disadvantaged students across India.

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.