Current Affairs - Banking

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.

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.