Current Affairs - Banking

ICICI Bank has introduced a groundbreaking feature allowing non-resident Indian (NRI) customers to use Unified Payments Interface (UPI) transactions in India through their international mobile numbers. This initiative enhances convenience for NRIs by streamlining payments without the need for an Indian mobile number, empowering global transactions and leveraging the UPI infrastructure provided by the National Payments Corporation of India (NPCI).

The Reserve Bank of India (RBI) has lowered the maximum risk for custodian banks issuing irrevocable payment commitments (IPCs) from 50% to 30%. This decision follows the reduction in trade settlement time from T+2 to T+1 and T+0 for select equities by stock exchanges. The revised guidelines aim to mitigate risks associated with potential downward price movements of equities purchased by foreign institutional investors/mutual funds over two successive days from the trade date.

ICICI Bank recently achieved a market capitalization exceeding Rs 8 trillion, making it the second bank, after HDFC Bank, to achieve this milestone and enter the top 5 companies by market value list.

Tata Motors has collaborated with South Indian Bank to provide financing solutions for its commercial vehicle customers and dealerships. This partnership aims to facilitate easy access to financing for fleet owners and dealerships, supporting their business operations in the commercial vehicle segment.

YES Bank collaborated with ANQ to launch the Pi and Phi credit cards, offering digital and physical payment solutions. The Pi card provides digital-only credit on UPI for domestic transactions, while the Phi card offers physical access for both domestic and international purchases.