Current Affairs - Banking

In January, the Reserve Bank of India (RBI) acquired 8.7 tonnes of gold, marking its largest purchase since July 2022. This brought the RBI's total gold reserves to 812.3 tonnes, up from 803.58 tonnes in December 2023. The RBI's move aims to diversify its foreign exchange reserves and hedge against risks associated with foreign currencies.

SANY India and J&K Bank have signed a Memorandum of Understanding (MoU) to provide financial solutions for infrastructure projects in Jammu and Kashmir and Ladakh. This partnership aims to leverage the strengths of both organizations to offer comprehensive financial services with competitive rates and flexible repayment plans, thereby supporting the acquisition of advanced machinery for infrastructure development in the region.

The share of private sector banks in total deposits has risen to 34% as of December 2023, showing significant growth from 25% recorded at the end of the financial year 2017-18. This increase reflects the success of private banks in attracting deposits through competitive interest rates and effective customer relationship management strategies.

The Reserve Bank of India (RBI) directed the Federal Bank and South Indian Bank to stop issuing new co-branded credit cards, as per the regulatory norms issued on March 7th. This directive applies specifically to credit cards and not other financial products like debit cards, personal loans, or savings accounts.

The Bank of Baroda has introduced the Bob Earth Green Term Deposit Scheme to gather funds for eco-friendly projects, demonstrating its commitment to supporting green initiatives and fostering a sustainable economy.