Current Affairs - Banking

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.

Aurionpro Solutions has partnered with SBI for its transaction banking platform, iCashpro+. This significant deal, valued at nearly Rs 100 crore, involves the license, implementation, and support of the cash management platform over a phased delivery period of 12 months, followed by maintenance.

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.