Current Affairs - Banking

The Reserve Bank of India has approved Life Insurance Corporation of India's acquisition of up to 9.99% stake in HDFC Bank, the nation's largest private sector bank. The approval, subject to various conditions, mandates LIC to complete the major shareholding purchase by January 24, 2025.

AU Small Finance Bank received CCI approval for its merger with Fincare Small Finance Bank, a significant step announced on October 30, 2023, with the merger set to be effective from February 1, 2024, pending RBI approval.

HDFC Bank, India's largest private sector bank, became the country's first lender to issue an impressive 20 million active credit cards, dominating a quarter of the overall card market. This milestone was achieved on January 16, marking a significant achievement for the bank.

YES BANK has achieved a pioneering feat by being the first Indian bank to execute an export finance transaction on RXIL Global IFSC Limited's International Trade Financing Services Platform (ITFS). This collaboration signifies a significant advancement in digitization and cross-border business for YES BANK.

HDFC Bank, India’s largest private sector lender, is seeking to expand into Singapore and has submitted a banking license application to the Monetary Authority of Singapore (MAS). The specifics of the license type are currently undisclosed.