Current Affairs - Banking

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.

SEBI cancelled Karvy Investor Services Ltd's registration as a merchant banker due to a breach of eligibility criteria, specifically related to operational functionality, infrastructure, and compliance with regulatory requirements, highlighting the importance of adhering to regulatory standards in financial services.

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.