Public Sector Banks in India: GK, Current Affairs, Questions, Trivia and News

Government approves merger of 10 PSBs into four

The government approved a scheme for the amalgamation of 10 state-owned banks into four, in the month of March 2020 and announced that the integration will be made effective from April 1, 2020. After this process, India will have 12 Public Sector Banks. Punjab National Bank, Oriental Bank of Commerce, and United Bank of India ..

Bank of Baroda launches Start-up Banking initiative

India’s leading Public sector bank, Bank of Baroda launched Start-up Banking initiative, to connect with start-up firms across the country. The initiative, which was launched simultaneously across 15 cities in the country, was inaugurated by Finance Secretary Rajiv Kumar. This initiative aims to connect with at least 2000 start ups and will offer customised products ..

Finance Minister launches EASE 3.0 initiative

Union Minister for Finance & Corporate Affairs Nirmala Sitharaman recently unveiled the initiative of Public Sector Banks named ‘EASE 3.0’. The initiative aims to enhance Ease of banking in all customer experiences, using information technology. The EASE agenda was initially launched in 2018 by Public Sector Banks, for providing smart and effective banking to customers.

Rajnish Kumar appointed as new chairman of Indian Banks’ Association

SBI chairman Rajnish Kumar has been appointed as the new chairman of Indian Banks’ Association (IBA) for 2019-20. He succeeded Sunil Mehta, who was the MD & CEO of Punjab National Bank (PNB). The IBA represents banks’ interests with the government and regulators.

BoB signs MoU with Indian Army for customised services

The Bank of Baroda (BoB) has signed a Memorandum of Understanding (MoU) with Indian Army under which the bank would offer customised services along with a host of facilities to account holders. The MoU offers handsome free personal accident insurance cover, free air accident insurance cover of Rs 15 lakh to Rs 50 lakh and ..

SBI becomes first Indian bank to have office in Australia’s Victoria

The State Bank of India (SBI) has opened its Melbourne office & became the first Indian bank to have a branch in the Australian state of Victoria. The Melbourne office will assist the growing trade and investment relations between Victoria and India and is the outcome of the state’s 10-year India Strategy – our shared ..

History of Banking in India

1. What are the ancient proofs of presence of banking system? Traces of information regarding existing of banking and financial system are found in India right from Vedic era to Buddhist, Mauryan, Satavahana, Sangam, Rajpoot, Sultanate as well as Mughal periods. The most ancient are the loan deeds of Vedic era called rnapatra or rnalekhya. 2. Which financial ..

Indian Banks to share data to tackle Fraud

Three Indian Banks- the Bank of India, the Bank of Baroda and the Allahabad Bank- have come together to create a seamless service for the transfer of data which would then be used to tackle frauds. What has happened? The three banks aim to have seamless data sharing to enable them to tackle share data ..