All Banking current affairs News of February: Banking Awareness Special Series 

Team Adda247 and Bankers Adda have introduced a Special Banking Awareness series for SBI and IBPS Interviews 2021. In this series, we will introduce the candidates to some banking awareness topics Daily that will improve their general awareness and ensure that the candidates do not lack in any banking term when it comes to the interview round. Today the topic of our Banking Awareness Series is   All Banking current affairs News of February.

All Banking Current Affairs News of February

Axis Bank partnered with PhonePe on UPI

Digital payments platform, PhonePe has announced that it has partnered with Axis Bank on a Unified Payments Interface (UPI) multi-bank model. The partnership will provide PhonePe users with the option to create and use multiple UPI IDs with Axis Bank’s “@axl” handle.

‘Fed first’ savings account scheme launched by Federal Bank for children

Federal Bank has launched a savings account scheme named ‘Fed First’ for children below the age of 18 years.

PNB restricted for withdrawing money from ATMs

Punjab National Bank has decided to restrict its customers from withdrawing money from non-EMV ATMs to check frauds about money transactions.

RBI canceled the license of Shivam Shakari Bank

Reserve Bank of India has canceled the license of Kolhapur-based Shivam Shakari Bank because of the inadequacy of capital and inefficiency of earning prospects. 

RBI carrying out a special audit of HDFC Bank

The Reserve bank of India has appointed an external IT firm for carrying out a special audit of the IT infrastructure of HDFC Bank. A special audit of the entire IT infrastructure of the bank under Section 30 (1-B) of the Banking Regulation Act, 1949, at the cost of the Bank under Section 30 (1-C) of the Act has been done. 

Neo banking startup StashFin has partnered with SBM bank

Neo banking startup Stash Fin has partnered with SBM Bank India to launch their co-branded contactless prepaid cards. The innovation and technology-led business partnership are set to bridge the growing credit gap in India.

Bharti AXA General Insurance launched a campaign for cancer survivors

Bharti AXA General Insurance general insurance company has launched ‘Salute to Caregivers – Ek Naya Nazariya Campaign’ to support the cancer survivors in the battle against cancer.

ICICI Bank signed MOU with MUFG Bank of Japan

ICICI Bank in India has signed a Memorandum of Understanding with MUFG Bank of Japan for collaboration for catering to the banking requirements of Japanese corporate which are presented in India. The MoU will design a framework of the partnership between the banks across various domains including trade, investment, treasury, corporate and retail banking.

HDFC Bank’s CSR brand Parivartan

Parivartan is a corporate social responsibility (CSR) brand of HDFC Bank under which it has invited applications from start-ups and solo entrepreneurs for its ‘SmartUp grants’. The bank is focusing on start-ups in the education (ed-tech) and skill development sector this year for the grant.

Bank of Maharashtra entered into an agreement with NBFC LoanTap credit products

Bank of Maharashtra has entered into a co-lending agreement with the Pune-based non-banking financial company LoanTap Credit Products, for MSME loans. Under the co-lending model, the bank will have an exposure of up to 80 percent while the rest will be borne by the LoanTap.

Punjab National Bank signed MoU with Indian Oil Corporation

Punjab National Bank has signed a First-of-its-kind Memorandum of Understanding (MoU) with Indian Oil Corporation Ltd (IOCL) for providing up to INR 2 Crore Loan to Indian Oil dealers at lower interest rates, nil margins, and with minimum or Zero Collateral requirements.

Four public sector banks are decided by GOI for privatization

The central government has decided to privatize four public sector banks. The four banks to be privatized are the Bank of Maharashtra, Bank of India, Indian Overseas Bank, and the Central Bank of India.

Indian Bank signed MoU with SID for a credit facility to start-ups and MSMEs

Indian Bank has signed an MOU with Society for Innovation and Development (SID) for extending exclusive credit facilities to Start-ups and MSMEs.

Bank of Maharashtra partnered with Vayana Network

Bank of Maharashtra has entered into a strategic partnership with Vayana Network to offer financial support to the MSMEs. It will be provided short-term credit to meet funding requirements of dealers of corporate via “Mahabank Channel Financing Scheme”.

Fino Payments Bank is now Scheduled Commercial Bank

Fino Payments Bank has been granted the scheduled commercial bank status by the Reserve Bank of India by including it in the Second Schedule to the Reserve Bank of India Act, 1934.

ICICI Bank partnered with Greater Chennai Corporation

ICICI Bank has announced the launch of a Common Payment Card System (CPCS) in partnership with the Greater Chennai Corporation (GCC) and Chennai Smart City Limited (CSCL) to provide citizens with a one-stop solution for making various kinds of payments.

RBI brings State Bank of Sikkim under its regulatory purview

The RBI has brought the State Bank of Sikkim under its regulation. Before this, RBI has only the right to function as a banker to all the state government except for the state government of Sikkim. Now, RBI will regulate the state bank of Sikkim. 

Union Bank of India wins World HRD Congress Awards

Union Bank of India (UBI) was awarded “Best Service Provider” in Human Resources and considered as the best institution for “Excellence in Learning & Development” at the Global HRD congress awards. Chief General Manager of HR, Mr.Kalyan Kumar named as “Chief Human Resources Officer of the year”. 

ICICI Lombard partners with Flipkart to offer ‘Hospicash’ insurance

The E-commerce giant Flipkart and ICICI Lombard joined hands to offer the ‘Group SafeGuard’ insurance, a group health insurance policy.

RBI constitutes an 8-member expert panel for strengthening Urban Co-operative Banks

The Reserve Bank of India has constituted an eight-member expert committee on Primary (Urban) Co-operative Banks under the chairmanship of former RBI Governor N.S.Vishwanathan.

EXIM Bank provides funding of USD 400 million to the Maldives

The Export-Import Bank of India will provide USD 400 Million to the Maldives as a Line of Credit to fund the Greater Male connectivity Project which will be the largest civilian infrastructure project in the Maldives. 

Meghalaya Police signed MoU with the State Bank of India for E-challan

A memorandum of understanding was signed between the Meghalaya police and the State Bank of India for implementation of the e-Challan within the jurisdiction of the Shillong Traffic Police (STP). The system has been integrated with VAHAN & SARATHI applications.