Current Affairs - Banking - Discussion

In May 2025, Union Bank of India, in collaboration with Canara Bank, introduced specialized deposit schemes aimed at addressing the decline in deposit growth rates. These innovative offerings provide not only attractive financial returns but also bundled lifestyle and health-related benefits. The initiative reflects a strategic move by public sector banks to enhance customer loyalty, attract high-value deposits, and differentiate themselves in a competitive financial environment. With personalized services, concessions based on account balances, and added perks like health insurance, Union Bank is positioning itself as a modern, customer-focused institution seeking to adapt to evolving banking demands.