Current Affairs - Banking

Airtel Payments Bank has introduced NCMC-enabled debit and prepaid cards in collaboration with NPCI, aligning with India's One Nation, One Card vision. These cards offer versatile payment options and enhanced security features, catering to various transaction needs of customers.

The RBI banned Bank of Baroda from onboarding new customers on its 'BoB World' mobile app in response to a surge in cyber fraud incidents, including the Bank of Baroda World app scam. This measure aims to address supervisory concerns and enhance cybersecurity in the banking sector.

HDFC Bank's initiative to open a branch in Lakshadweep, specifically at Kavaratti Island, marks a milestone as it becomes the first private sector bank to establish a presence in the Union Territory. This move underscores HDFC Bank's commitment to expanding its reach and offering banking services, including personalized digital solutions, to the residents and businesses of Lakshadweep.

State Bank of India (SBI) engaged in the first Credit Default Swap (CDS) trade under the new RBI norms, partnering with Standard Chartered Bank India for a ₹25 crore transaction. This signifies a significant development in credit risk management and financial instrument sophistication in India.

J&K Bank partnered with Paymart India Pvt Ltd to launch the Virtual ATM (VATM) facility, revolutionizing banking by enabling cardless cash withdrawals through local retailers, and enhancing accessibility and convenience for customers, especially in areas like Jammu & Kashmir and Ladakh.