Current Affairs - Banking

The All India Bank Employees Association (AIBEA) has launched the "Bank Clinic" initiative to provide guidance and assistance to bank customers with grievance redressal in accordance with RBI guidelines on retail banking. This initiative operates as a non-resolving advisory platform, offering advice on remedies available as per RBI guidelines and functions alongside the traditional Banking Ombudsman process.

Muthoot Microfin Limited has entered into a strategic co-lending partnership with the State Bank of India (SBI) to provide financial support to women entrepreneurs in rural and semi-urban areas across India. This collaboration aims to extend financial services to Joint Liability Groups (JLGs) engaged in various income-generating enterprises, with loan amounts ranging from Rs 10,000 to Rs 3,00,000.

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.