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GA Topper Series: Bank Programs Consolidation

State Bank of India

MD: Alok Kumar Chaudhary

  1. SBI has raised USD 500 Million through its International Financial Services Centres Authority Gujarat International Finance Tec-City Branch.
  2. SBI has proposed to set up an Innovation, Incubation and Acceleration Centre (IIAC) in Hyderabad, Telangana.
  3. SBI, India’s largest lender, has entered into a co-lending agreement with five major housing finance companies (HFCs): PNB Housing Finance, IIFL Home Finance, Shriram Housing Finance, Edelweiss Housing Finance, and Capri Global Housing Finance
  4. SBI provides a USD 1 billion credit line to Sri Lanka for the procurement of food and other essentials.
  5. The stakes of SBI, Canara Bank, Punjab National Bank and Union Bank of India have come down to 5% each in India Debt Resolution Company Ltd (IDRCL).
  6. SBI  and Border Security Force (BSF) have signed a Memorandum of Understanding to provide special benefits to serving and retired BSF personnel.
  7. SBI  has collaborated with Tata Power Solar Systems Ltd. for financing solar power projects. 
  8. SBI has launched a dedicated centralized processing cell named ‘Surya Shakti Cell’ in Mumbai for strengthening the existing financing arrangement for solar power projects
  9. SBI, ICICI Bank and HDFC Bank have been identified as D-SIBs by the Reserve Bank of India for 2021.
  10. SBI has signed a tripartite Memorandum of Understanding (MoU) with the Indira Gandhi Centre for the Arts (IGNCA) and National Culture Fund (NCF). o This MoU has been sighed for the Development of the Atmanirbhar Bharat Centre for Design (ABCD) at Red Fort, in Delhi

Punjab National Bank

  1. Punjab National Bank has launched a Cardless Cash Withdrawal facility to mark its Foundation Day. 
  2. The Bank marked its 128th foundation day on April 12th 2022.
  3. Punjab National Bank and Patanjali Ayurved Limited (PAL) launch co-branded credit cards

Indian Bank

  1. Indian Bank Rolls Out Its First Digital Product Pre-Approved Personal Loan (PAPL)
  2. Indian Bank has unveiled a digital broking solution – E-Broking. The product was launched in association with the bank’s financial technology partner Fisdom.
  3. IndOASIS is the bank’s mobile banking application. 
  4. Mashreq NEO has tied up with Federal Bank to enable Mashreq Neo’s Indian customers to open a non-resident (NR) account with the Indian bank, instantly via the Neo app.

Bank of Baroda

  1. Bank of Baroda announced the launch of bob World Gold – a new feature on its bob World mobile banking platform designed especially for seniors and the elderly.
  2. Bank of Baroda (BOB) has announced to acquire of Union Bank of India’s (UBI) 21% stake in IndiaFirst Life Insurance Company. • IndiaFirst is a joint venture between Bank of Baroda, Union Bank of India and Carmel Point Investments.
  3. Bank of Baroda and the IRCTC launch a co-branded contactless credit card

Union Bank of India

MD & CEO : A Manimekhalai

  1. Union Bank of India launches Online Platform ‘Trade nxt’ for Export-Import Transactions
  2. Union Bank of India (UBI) has become the first Public Sector Bank (PSB) to be listed on the Account Aggregator (AA) Framework
  3. Union Bank of India (UBI) will buy out the 75% stake held jointly by Bank of Baroda and Indian Overseas Bank (IOB) in Indian International Bank Malaysia at the cost of ₹180 crores.
  4. The Union Bank of India has announced to launch of a “Digital Bank within Bank”
  5. Union Bank of India launches ‘MSME RuPay Credit Card’

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