Current Affairs - Banking

IndusInd Bank collaborated with Mastercard to introduce 'Indus PayWear,' offering tokenised wearables for debit and credit cards. This collaboration aims to enhance payment flexibility, convenience, and security for users, providing various wearable options and ensuring swift and secure transactions globally.

Bank Indonesia (BI) signed a Memorandum of Understanding (MoU) with the Reserve Bank of India (RBI) to promote the utilization of local currencies, namely the Indian Rupee (INR) and Indonesian Rupiah (IDR), for cross-border transactions.

As of March 4, 2024, 30 banks have joined RBI's UDGAM portal for unclaimed deposits, covering approximately 90% of the unclaimed deposits in the DEA Fund. This initiative aims to provide a centralized platform for individuals to search for their unclaimed deposits/accounts across multiple banks.

Kotak Mahindra Bank has introduced the Smart Choice Gold Loan targeting aspirational customers. This product offers competitive interest rates, zero processing fees, same-day disbursement, flexible repayment options, and minimal documentation requirements, providing convenient and flexible loan options to customers.

Flipkart has partnered with Axis Bank to introduce its UPI services, Flipkart UPI. This collaboration aims to offer seamless payment options directly integrated into the Flipkart platform, contributing to the digital transformation in India's payments landscape.