Current Affairs - Banking

Bank of Maharashtra stood out among public sector banks in FY24 with significant business growth and deposit mobilization. It recorded a remarkable 15.94% rise in total business and a notable 52.73% growth in low-cost CASA deposits, highlighting its strategic advantage and effective cost management strategies.

'Surety Bond Bima' is designed specifically to provide security for infrastructure projects, safeguarding both contractors and principals from breaches during bidding and performance stages, thus supporting infrastructure development initiatives.

State Bank of India (SBI) became the first bank to become a Trading cum Clearing (TCM) Member at India International Bullion Exchange (IIBX). This allows SBI's IFSC Banking Unit (IBU) to trade on the IIBX platform and act as a trading member and clearing member for importing gold through the bullion exchange, enhancing transparency and efficiency in India's Bullion Market.

HDFC Bank launched Pixel Play, the first virtual credit card in India in partnership with Visa. This innovative card offers personalized benefits and seamless digital management through the PayZapp mobile app, setting a new standard for banking experiences in the country.

HDFC Bank partnered with Atal Innovation Mission to provide grants totalling Rs 19.6 crore to 170 social startups in FY24. This collaboration, known as the 'Parivartan Start-up Grants programme,' aimed to foster social sector innovation across various critical areas and empower startups from tier 2 and 3 cities as well.