Current Affairs - Banking

Russia launched its first Islamic banking pilot program on September 1 to explore Shariah-based finance.

Bandhan Bank has been authorized by RBI to be the official pension disbursement bank in collaboration with the Central Pension Accounting Office (CPAO). This is a significant development, as it will allow Bandhan Bank to reach out to a wider range of customers and provide them with convenient and efficient pension disbursement services.

Axis Bank launched the ‘Infinity Savings Account’ with zero domestic transaction fees. This account eliminates domestic transaction fees, minimum balance requirements etc. It is designed to cater to the needs of digitally savvy customers who are avid users of subscription-based services.

On 25th August, the Indian Cricket Board announced that the IDFC First Bank has grabbed the title rights for the home international series of the Board of Control for Cricket in India (BCCI) for three years.

The State Bank of India (SBI) has introduced an innovative Customer Service Points (CSP) functionality that allows customers to seamlessly enrol in essential social security schemes using just their Aadhaar cards. The move was unveiled by SBI's Chairman, Dinesh Khara, who emphasized the bank's commitment to breaking down barriers to financial security through technology-driven solutions.