Current Affairs - Banking

NABARD has collaborated with the RBI Innovation Hub to streamline agricultural lending through digitalization. This partnership aims to expedite loan processing and improve accessibility for farmers across India, showcasing NABARD's commitment to leveraging technology for rural prosperity and financial inclusion.

Kotak Mahindra Bank's shares experienced a 10% decline following RBI restrictions on new online customer onboarding and credit card issuance due to IT issues. This regulatory action is expected to impact the bank's growth and margins, although the bank remains optimistic about resolving IT system deficiencies and maintaining uninterrupted services for existing customers.

RuPay's 'Link it, Forget it' campaign at IPL 2024 promotes RuPay credit cards integrated with UPI, encouraging consumers to switch to convenient digital transactions and eliminate the need for physical wallets. This initiative emphasizes the ease and security of using RuPay for digital payments.

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.