Current Affairs - Banking

Kotak Mahindra Bank's acquisition of Sonata Finance Private Limited for approximately Rs. 537 crore demonstrates its strategic move to strengthen its presence in the microfinance sector. This acquisition allows Kotak Mahindra Bank to expand its financial services offerings and tap into new market segments, showcasing its commitment to strategic growth and diversification in the banking industry.

Federal Bank collaborated with NPCI to introduce 'Flash Pay,' a RuPay smart key chain for contactless payments with a transaction limit of ₹5,000 without a PIN and a daily cap of ₹1 lakh at PoS terminals, ensuring convenient and secure transactions for users.

Regional Rural Banks (RRBs) were established in 1975 by the Indian government to extend banking services to rural areas. The recent allocation of Rs 6212.03 crore by the Modi government aims to reinforce RRBs, highlighting their crucial role in providing financial support to small farmers, artisans, and entrepreneurs in rural India.

DBS Bank India pledged USD 250 million to support new-age start-ups and 'new economy' companies, demonstrating its commitment to fostering innovation and entrepreneurship in India's start-up ecosystem amid challenges related to capital accessibility.

YES Bank has collaborated with the Indian Olympic Association (IOA) as the Official Banking Partner for Team India at the Paris Olympics 2024, launching the 'Milkar Jitayengey' campaign and introducing the 'YES Glory Debit Card' and 'YES Glory' savings account to support India’s Olympic athletes.