Current Affairs - Banking

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.

Canara Bank has introduced Canara Heal for healthcare loans and Canara Angel as a savings account for women, providing unique benefits and financial empowerment, emphasizing the bank's commitment to inclusive banking solutions.

AU Small Finance Bank merged with Fincare Small Finance Bank on April 1, 2024, in an all-stock deal approved by the RBI. This merger enhances AU SFB's reach in South India, creating a customer base of approximately 1 crore and expanding its network to 2,350 physical touchpoints across 25 states and union territories.

HDFC Bank intends to divest its entire 100% stake in HDFC Education and Development Services. This decision is part of the bank's strategy to ensure transparency and regulatory compliance in the selection process for a buyer through the Swiss challenge method.

Axis Bank has introduced digital US dollar fixed deposits (FDs) for NRI customers at the IFSC Banking Unit (IBU) at GIFT City, Gujarat. This initiative, offered through the bank's mobile banking application, provides a seamless and paperless process for opening and managing FDs, enhancing customer experience and convenience.