Current Affairs - Banking

YES Bank has collaborated with Paisabazaar to introduce the co-branded PaisaSave Cashback Credit Card, targeting frequent shoppers with substantial cashback rewards on everyday purchases. As India's sixth largest private sector bank, YES Bank aims to enhance customer value through this credit card, which offers up to 3% cashback on online transactions. This innovative card also supports unlimited cashback on both online and offline shopping and includes features such as a virtual YES BANK Rupay Credit Card for seamless UPI payments, making it a versatile choice for consumers looking to save while they spend.

HSBC India has launched a global education payments service that allows students and parents to directly pay tuition fees to more than 600 international universities and colleges. Accessible through the HSBC India mobile banking app, this service offers a fully digital process aimed at simplifying payments while reducing remittance costs compared to other available international education payment options. This initiative is designed to make education payments more efficient and cost-effective for customers.

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.