Banking Current Affairs 2024
Welcome to our blog on “Banking Current Affairs 2024 One-liners!” In this post, we’ll share the latest updates and important news about banks in short and simple one-liners. This information is very useful for students preparing for upcoming competitive exams like SSC, UPSC, RRB NTPC, RAILWAY, BANK, CDS, and various State Level Exams. Stay tuned to stay ahead in your exam preparations with the most recent and relevant banking news!
October 2024
- SBI Report on Population Growth: The report “Precursor to Census 2024” by State Bank of India (SBI) projects India’s population growth rate declining from 2.20% in 1971 to 1% in 2024, with an estimated population of 138-142 crore.
- IFC Partners with Axis Bank: The International Finance Corporation (IFC) has partnered with Axis Bank to provide a $500 million loan (~₹4,200 crore) for developing a blue finance market and scaling green projects in India.
- CCI Approves Central Bank of India Acquisition: The Competition Commission of India (CCI) approved the Central Bank of India’s proposed acquisition of 24.91% in Future Generali India Insurance and 25.18% in Future Generali India Life Insurance.
- IDBI Bank Partners with DAY-NRLM: IDBI Bank signed an MoU with the Deendayal Antyodaya Yojana-National Rural Livelihood Mission (DAY-NRLM) and nine public sector banks to promote individual financing for higher-order enterprises.
- IIM Shillong Partners with SIDBI: The Indian Institute of Management (IIM), Shillong, collaborated with the Small Industries Development Bank of India (SIDBI) to foster entrepreneurship in the Northeast.
September 2024
- The third edition of the ‘State Bank of India (SBI) Asha Scholarship Programme’, launched by the SBI Foundation, aims to support 10,000 students.
- Union Bank of India has announced its decision to become a signatory to the Partnership for Carbon Accounting Financials (PCAF).
- The government has notified the National Bank for Financing Infrastructure and Development (NaBFID) as a public financial institution under the Companies Act.
- The Trade Connect e-platform has been launched to support Indian exporters, MSMEs, and entrepreneurs. It was developed in collaboration with the Ministry of MSME, Department of Financial Services (DFS), Ministry of External Affairs (MEA), and EXIM Bank.
- State Bank of India (SBI) has sanctioned a project loan of Rs 10,050 crore for a thermal power project by Damodar Valley Corporation (DVC) at Koderma.
May to August 2024
- Sanjay Shukla has been appointed as the Managing Director of the National Housing Bank (NHB).
- Axis Bank partnered with Pine Labs-owned Setu to introduce a Unified Payments Interface (UPI)-focused payments platform called “UPISetu” for businesses and developers.
- According to recently released data by the Sovereign Wealth Fund Institute, the Federal Reserve System has been ranked as the world’s richest central bank.
- State Bank of India (SBI) announced an online business loan solution for MSMEs called MSME Sahaj, allowing a credit against GST-registered sales invoices up to Rs 1 lakh.
- India celebrated the 43rd Foundation Day of the National Bank for Agriculture and Rural Development (NABARD).
- Border Security Force (BSF) and State Bank of India (SBI) have partnered for the ‘Grow with the Trees’ plantation drive in Srinagar, Jammu and Kashmir.
- According to the State Bank of India (SBI)’s Economic Research Department, India generated 125.2 million jobs between FY14 and FY23.
- Export-Import Bank of India (EXIM Bank) signed an agreement with Guyana to provide a Line of Credit (LoC) of USD 2.50 million for installing a solar photovoltaic (PV) power plant.
- The National Bank for Agriculture and Rural Development (NABARD) has sanctioned a study on the impact evaluation of Geographical Indication (GI) products to the Symbiosis School of Economics.
- Krishikalpa has launched an accelerator program with NABARD to support 30 FPOs distributed across Karnataka.
- REC Limited has decided to raise a USD 1 billion loan from the Asian Development Bank (ADB) and the Export-Import Bank of Korea (Korea Eximbank).
- Airbus Helicopters and Small Industries Development Bank of India (SIDBI) have signed an MoU for financing the purchase of the company’s helicopters in India.
- EaseMyTrip has collaborated with SIDBI and the Tourism Department of Uttarakhand to launch the Homestay Entrepreneurship Training Programme along the Chardham Yatra route.
- According to the State Bank of India (SBI’s) Economic Research Department report, India’s Gross Domestic Product (GDP) growth is expected to touch 8.0% for FY24.
- The All-India Bank Employees Association (AIBEA) has launched the “Bank Clinic” initiative to assist bank customers with grievance redressal.
- The Bank of England is replacing old banknotes featuring Queen Elizabeth with new ones featuring King Charles III.
- The Export-Import Bank of India has opened its East Africa Representative Office in Nairobi, Kenya.
- The Ministry of External Affairs and the State Bank of India (SBI) have signed an MoU to provide additional digital payment services through the payment gateway SBIePay to Indian migrant workers, Recruiting Agents (RAs), and other users of the eMigrate portal.
- Karnataka Vikas Grameena Bank (KVGB) has received the National Award from the Pension Fund Regulatory and Development Authority (PFRDA) for maximum enrolment under Atal Pension Yojana (APY).
April 2024
- Karnataka Bank celebrated its centenary on 18 February 2024.
- Small Industries Development Bank of India (SIDBI) partnered with fintech platform Onion Life Private Limited to extend microloans to gig workers.
- Canara Bank and the Society for Innovation and Entrepreneurship (SINE) at IIT Bombay have partnered to empower startups across India.
- HDFC Bank became the first private sector lender to inaugurate a branch in Lakshadweep’s Kavaratti Island.
- South Indian Bank appointed Vinod Francis as its Chief Financial Officer (CFO).
- Manoj Mittal has been selected as the next Chairman and Managing Director of the Small Industries Development Bank of India (SIDBI).
- State Bank of India (SBI) and Standard Chartered Bank India carried out the Credit Default Swap (CDS) trade worth Rs 25 crore.
- Sanjay Shukla has been selected as Managing Director of the National Housing Bank (NHB).
- Bank of India signed an agreement with India Mortgage Guarantee Corporation (IMGC) to provide mortgage guarantee-backed home loan products in the affordable housing segment.
- Small Industries Development Bank of India (SIDBI) signed an MoU with Jeevika, Bihar State Rural Livelihoods Mission (SRLM), and UMED, Maharashtra-SRLM to extend the Prayaas scheme to Self-Help Group (SHG) individual women through Cluster Level Federations.
- The Reserve Bank of India (RBI) approved the appointment of Ajith Kumar KK as Managing Director & CEO of Dhanlaxmi Bank.
- The Ministry of Home Affairs and SBI Card are developing a solution to combat the growing threat of cyber fraud and phishing attacks involving stolen one-time passwords (OTPs).
- The National Bank for Agriculture and Rural Development (NABARD) released its Climate Strategy 2030 document.
- Indian Bank partnered with Tata Power Solar Systems Limited (TPSSL) to promote solar energy adoption by providing financial support under the Pradhan Mantri (PM) Surya Ghar Muft Bijli Yojana.
- IndusInd Bank became the first bank to execute the Reserve Bank of India’s (RBI) programmable Central Bank Digital Currency (CBDC) pilot, to compensate farmers for carbon credits.
- The National Bank for Agriculture and Rural Development (NABARD) partnered with the Reserve Bank Innovation Hub (RBIH) to develop a system that will help speed up the process of agricultural loans.
January to March 2024
- IndusInd Bank has launched ‘eSvarna’, India’s first Corporate Credit Card on the RuPay network.
- State Bank of India (SBI) has launched a special fixed deposit (FD) scheme called the “Green Rupee Term Deposit” scheme.
- The Warehousing Development Regulatory Authority (WDRA) and Punjab and Sindh Bank have signed an MoU to raise awareness about electronic Negotiable Warehouse Receipts (e-NWRs).
- Punjab National Bank (PNB) has signed an MoU with the Indian Renewable Energy Development Agency Limited (IREDA) to enhance support for renewable energy projects in India.
- The Bihar Startup Fund Trust (BSFT) has signed an agreement with the Small Industries Development Bank of India (SIDBI) to administer the Rs 50-crore Bihar Startup Scale-up Financing Fund (BSSFF).
- The Ministry of Agriculture and Farmers Welfare in collaboration with the Department of School Education and Literacy, Ministry of Education has extended the school soil health programme, with NABARD setting up soil labs in schools.
- Small Industries Development Bank of India (SIDBI) has received $24.5 million from the Green Climate Fund (GCF) for its project, the Avaana Sustainability Fund (ASF).
- Small Industries Development Bank of India (SIDBI) has signed an MoU with the Pharmaceuticals and Medical Devices Bureau of India (PMBI) for the credit assistance program for Jan Aushadhi Kendras.
- Axis Bank has announced to contribute Rs. 100 crores to the National Cancer Grid (NCG).
- Guyana has signed a Line of Credit (LOC) Agreement worth USD 23.27 million with the Export-Import Bank of India (EXIM Bank) for the acquisition of two Dornier-228 aircraft.
- Yes Bank has partnered with the Indian Olympic Association (IOA) to become the Official Banking Partner for Team India at the Paris Olympics 2024.
- Federal Bank has announced the launch of the National Common Mobility Card (NCMC) – enabled RuPay Smart key chain – “Flash Pay”.
- Nidhu Saxena has been appointed as Managing Director and Chief Executive Officer of the Bank of Maharashtra.
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