Current Affairs - Banking

Punjab National Bank (PNB) has decided to dilute 10% of its 23% stake in Canara HSBC Life Insurance through an initial public offering (IPO). This strategic move aims to unlock value from its investment in the life insurance joint venture. PNB's approval signifies its intent to leverage the capital market to optimize its stake in the company, potentially leading to increased liquidity and shareholder value.

Adani One, in collaboration with ICICI Bank, has introduced two variants of co-branded credit cards. These cards offer cardholders up to 7% Adani reward points on purchases made within the Adani ecosystem, including various services and spending at Adani-managed facilities.

The State Bank of India (SBI) attained a significant milestone as its market capitalization exceeded ₹8 lakh crore. This achievement reflects SBI's robust financial performance and investor confidence in the banking sector amid favourable market conditions.

Poonawalla Fincorp Limited has collaborated with IndusInd Bank to introduce the co-branded ‘IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card’. This credit card offers various rewards, benefits, and perks to enhance customer experience, without any joining or annual fees.

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.