Current Affairs - Banking

The Border Security Force (BSF) and the State Bank of India (SBI) jointly organized the "Grow with the Trees" plantation drive at the BSF Headquarters in Srinagar to promote environmental sustainability. The initiative involved BSF officials, jawans, SBI officials, and school children, aiming to create a greener environment and foster community participation in tree-planting activities. The collaboration reflects SBI's commitment to environmental responsibility and community service.

Punjab National Bank (PNB) has introduced the 'Safety Ring' security feature to combat rising cyber fraud incidents. This optional mechanism allows customers to set daily transaction limits for term deposits (TDs) specifically for online closures or overdraft facilities. By enabling customers to define these limits, PNB aims to provide an additional layer of protection against unauthorized access and potential financial losses. The initiative underscores PNB's commitment to enhancing security measures for its internet and mobile banking users.

Bank of Baroda (BoB) intends to raise ₹7,500 crore through Additional Tier-I (AT1) and Tier-II bonds by March 2025. This capital-raising initiative is aimed at fulfilling regulatory capital requirements and supporting the bank's growth objectives. BoB's strategy includes issuing these bonds in multiple tranches, potentially including the overseas market based on favourable market conditions, as approved by its board of directors.

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.