Current Affairs - Banking

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.

The State Bank of India (SBI) Foundation has launched the third edition of its Asha Scholarship Program, aimed at providing financial support to 10,000 talented students from underprivileged backgrounds. The scholarship program offers amounts ranging from Rs 15,000 to Rs 20 lakh, helping students from Class 6 to postgraduate levels achieve their educational goals. This initiative reflects SBI's commitment to fostering educational opportunities for disadvantaged students across India.

HDFC Bank has introduced GIGA, a comprehensive financial suite tailored for gig workers in India. This initiative includes savings and current accounts, specialized debit and credit cards, and affordable health insurance starting at Rs 20 per day. GIGA is designed to address the unique financial needs of gig workers by offering a flexible savings account with low balance requirements and a business credit card that provides rewards and deals on essential services. This move highlights HDFC Bank's commitment to supporting the growing gig economy.

Tata Power Solar Systems Ltd (TPSSL) has entered into a strategic partnership with ICICI Bank to offer financing solutions for solar units to both residential and corporate customers. Through this collaboration, customers can access loans up to ₹90 lakh, with options for collateral-free loans and flexible repayment tenures of up to 5 years. Additionally, customers seeking higher loan amounts with collateral can benefit from extended tenures of up to 20 years. This initiative is part of TPSSL's efforts to make solar energy more accessible and affordable.

Punjab National Bank (PNB) recently introduced the PNB ANTAH DRISHTI Braille Debit Card, specifically designed for visually impaired individuals. This card, part of the RuPay network, supports contactless transactions, enhancing accessibility for its users. Established in 1894, PNB is a major public sector bank in India, headquartered in New Delhi. The introduction of this Braille Debit Card reflects PNB’s commitment to inclusivity and improving financial services for all customers.