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Banking & Financial Awareness

Current Affairs

SBI General Insurance Launches ‘Shagun – Gift an insurance’ policy

  • SBI General Insurance, one of the leading general insurance companies in India, announced the launch of its first-of-its-kind offering, ‘Shagun – Gift an Insurance”, a unique gift of Personal Accident policy.
  • This product was filed by SBI General under Insurance Regulatory and Development Authority’s (IRDAI) Sandbox regulations.
  • The key differentiating feature of the policy is that it can be gifted to anyone you want, which means it is not necessary for the policy buyer to be related to the insured.
  • SBI General Insurance Headquarters: Mumbai, Maharashtra.
  • SBI General Insurance MD and CEO: Prakash Chandra(P.C.) Kandpal.

Axis launches Liberty Savings Account aimed at millennials

  • Axis Bank has launched a new savings account called the Axis Liberty Savings Account, aimed at millennial customers.
  • It offers customers the option of maintaining a minimum balance of ₹25,000 per month or spending the same amount every month using the bank’s debit card.
  • It also provides a complimentary insurance cover of ₹20,000, which includes expenses incurred for covid-19-related hospitalization.
  • If you are a young professional who feels the need to have an insurance cover in place while also having a bank account that provides incentives for lifestyle spending, then the Axis Liberty Savings Account might be right for you.
  • Axis Bank Headquarters: Mumbai, Maharashtra
  • Axis Bank MD and CEO: Amitabh Chaudhry
  • Axis Bank Tagline: Badhti Ka naam Zindagi.

ICICI Lombard, Bharti AXA to merge general insurance businesses

  • ICICI Lombard General Insurance Co. Ltd. and Bharti AXA General Insurance Co. Ltd., on , announced that they will combine their insurance businesses through a share swap deal, which once consummated will create the country’s third largest general insurance entity.
  • Based on the share exchange ratio recommended by independent valuers, shareholders of Bharti AXA will receive two shares of ICICI Lombard for every 115 shares they hold.
  • Bharti AXA General Insurance Headquarters: Mumbai, Maharashtra.
  • Bharti AXA General Insurance MD and CEO: Sanjeev Srinivasan.
  • ICICI Lombard General Insurance Headquarter: Mumbai, Maharashtra.
  • ICICI Lombard General Insurance MD & CEO: Bhargav Dasgupta.

India and AIIB sign agreement for $500 million for Mumbai Urban Transport Project-III

  • Asian Infrastructure Investment Bank (AIIB) has signed a loan agreement (with Government of India, the Government of Maharashtra and Mumbai Railway Vikas Corporation) for a $500 million Mumbai Urban Transport Project-III.
  • The aim is to improve the network capacity, service quality and safety of the suburban railway system in Mumbai.
  • With a population of 22.8 million (2011), Mumbai Metropolitan Region (MMR) is the most populous metropolitan region in India and is expected to reach 29.3 million by 2031 and 32.1 million by 2041.
  • President of Asian Infrastructure Investment Bank: Jin Liqun.
  • Headquarters of AIIB: Beijing, China.
  • AIIB established: 16 January 2016.

Lakshmi Vilas Bank launches instant account opening facility

  • Lakshmi Vilas Bank (LVB) has launched LVB DigiGo, a digital initiative to enable opening of savings account instantly.
  • LVB’s new initiative will help people to avail the most required banking services instantly through the website.
  • Headquarters of Lakshmi Vilas Bank: Chennai.
  • Lakshmi Vilas Bank MD & CEO: S Sundar (Interim).

LIC launches revival campaign for lapsed policies

  • To encourage continuation of risk cover in this difficult period, LIC said it will provide an opportunity for its policyholders to revive their lapsed policies.
  • It has decided to launch a special revival campaign from August 10 till October 9 for its customers to revive their individual lapsed LIC policies.
  • LIC Headquarters: Mumbai, Maharashtra.
  • Chairman of LIC: M R Kumar.
  • LIC founded: 1 September 1956.

Fino Payments Bank Ltd Launched ‘Jan Bachat Khata’, an Aadhaar Authentication Based Digital Savings Account

  • On August 15, 2020 Fino Payments Bank Limited(Ltd) launched Jan Bachat Khata (JBK), an Aadhaar authentication based digital savings account for its customers.
  • JBK will bring neo-banking experience to the consumers.
  • The primary target segment is low income household families and direct benefit transfer (DBT) beneficiaries.
  • Chairman of Fino Payments Bank: Prof Mahendra Kumar Chouhan.
  • Fino Payments Bank established: 13 July 2006.
  • MD & CEO of Fino Payments Bank: Rishi Gupta.
  • Headquarters of Fino Payments Bank: Mumbai, Maharashtra.

‘Shaurya KGC Card’, an Independence Day gift from HDFC Bank to armed forces personnel

  • HDFC Bank on launched ‘Shaurya KGC Card’, a loan product for armed forces personnel and their families that are engaged in agricultural activities. The product is based on the Kisan Credit Card guidelines by the government and comes with certain unique features specially crafted for over 45 lakh Indian armed forces personnel.
  • Headquarters of HDFC Bank: Mumbai, Maharashtra.
  • The tagline of HDFC Bank: We Understand Your World.

PNB launches campaign to promote digital banking

  • State-owned Punjab National Bank launched a campaign to encourage customers to use digital banking channels.
  • Under the campaign ‘DIGITAL APNAYEN’, the bank will contribute Rs 5 towards the PM CARES Fund on behalf of each customer conducting the first financial transaction to activate their RuPay Debit card either on point of sale (PoS) or e-commerce platform, PNB said in a statement.
  • PNB Headquarters: New Delhi.
  • PNB Founded: 19 May 1894, Lahore, Pakistan.
  • PNB Founders: Lala Lajpat Rai, Dyal Singh Majithia.

RBI announces ‘positive pay’ feature to help avert cheque frauds

  • RBI Governor Shaktikanta Das said that the banking system will move to a positive pay practice in cheque transactions to curb frauds.
  • Under the ‘positive pay’ system, a customer who issues the cheque clicks a picture of the cheque before handing it over to the beneficiary and uploads the same on the bank’s mobile application.
  • RBI 25th Governor: Shaktikanta Das;
  • Headquarters: Mumbai;
  • Founded: 1 April 1935, Kolkata.

 Airtel Payments Bank ties up with Bharti AXA General Insurance to offer shop insurance to retailers and merchants

  • Airtel Payments Bank has entered into a partnership with Bharti AXA General Insurance to offer shop insurance for its retailers and merchants.
  • The smart plan shop package policy will provide financial protection in case of damage to assets inside the shop due to various catastrophic events as covered in the product.
  • Airtel Payments Bank MD and CEO: Anubrata Biswas.
  • Airtel Payments Bank Headquarter: New Delhi, Delhi.
  • Bharti AXA General Insurance MD and CEO: Sanjeev Srinivasan.
  • Bharti AXA General Insurance Headquarter: Mumbai, Maharashtra.

Kotak Mahindra Bank launches two-month campaign with offers, discounts

  • Kotak Mahindra Bank has launched a special two-month campaign with offers and discounts across its suite of products, including for loans, savings accounts, current accounts, corporate salary accounts as well as curated deals on Kotak debit cards, credit cards and digital payments.
  • Called Kona Kona Umeed, it also includes competitive rates and attractive offers across customer segments including retail, business and agri segments.
  • Kotak Mahindra Bank Establishment: 2003.
  • Kotak Mahindra Bank Headquarters: Mumbai, Maharashtra.
  • Kotak Mahindra Bank Managing Director & Chief Executive Officer: Uday Kotak.
  • Kotak Mahindra Bank Tagline: Lets make money simple.

Sebi to set up virtual museum of securities market

  • Regulator Sebi is planning to set up a virtual museum of securities market to highlight achievements and milestones in the Indian capital market.
  • In a notice, Sebi has invited Expression of Interest (EoI) from agencies to develop the virtual museum.
  • The museum is intended to be a visual online organised collection of history of evolution, achievements and milestones in the Indian securities market over the decades in terms of market infrastructure, regulation and enforcement.

 National Bank of Bahrain Selects Infosys Finacle to Digitally Transform its Transaction Banking Business

National Bank of Bahrain (NBB), the Kingdom’s leading provider of retail and commercial banking services, and Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys (NYSE: INFY),announced the bank’s decision to adopt the Finacle Cash Management Suite to digitally transform its transaction banking business.

  • King of Bahrain: Hamad bin Isa Al Khalifa;
  • Capital of Bahrain: Manama; Currency of Bahrain: Bahraini Dinar.
  • Chief Executive Officer and Managing Director of Infosys: Salil Parekh.
  • Headquarters of Infosys: Bengaluru.

Axis Bank unveils automated voice assistant to address customer queries, requests

With an aim to address the increasing number of queries from customers effectively and promptly, Axis Bank, India’s third largest private sector bank, announced the launch of Automated Voice Assistant ‘AXAA’, an Artificial Intelligence powered conversational voice BOT.

Managing Director and Chief Executive Officer of Axis Bank: Amitabh Chaudhry.