Banking Related Schemes is a sub-topic under “Banking Current Affairs” and is a vital topic for Banking and Insurance exams along with all other competitive exams. In this article, we provide major schemes and initiatives launched by various banks in India.
List of Banking Related Schemes 2022
Banking Related Schemes and Initiatives December 2022
| Bank Name | Scheme Name | Purpose |
|---|---|---|
| Bajaj Allianz Genreral Insurance | Respect Senior Care Rider | Health insurance card for Senior Citizens |
| One 97 Communication Ltd. & HDFC ERGO | Paytm Payment Protect Insurance plan | To insure a transaction made through UPI across all apps and wallets. |
| IDFC First Bank | Zero-fee Banking facility | Zero-fee banking on savings accounts, available only to customers who maintain an average monthly balance between 10K and 25K in their savings accounts. |
| Indian Bank | IND SHAKTI 555 DAYS Scheme | It offers “higher rate of interest for investment starting from Rs.5000 to less than 2 Crore for 555 days in the form of FD/MMD with callable options.” |
| Canara HSBC Life Insurance | Guaranteed Fortune Plan | A non-linked, non-participating individual savings life insurance plan. It offers life cover and a lump sum amount after the policy term |
| PNB HFC | ‘Roshni’ Loan Scheme | Low-cost home loan program for individuals in Tier 1 and Tier 2 cities. (An individual can apply for Home loan ranging from Rs 5 lakh to Rs 30 lakh.) |
| RBL Bank & Paisabazaar.com | Co-credit Card- ‘Duet’ | It Offers instant transfer of money to bank account and cashback on purchases |
| Federal Bank | ‘Football Fiesta’ campaign | To celebrate FIFA World Cup 2022 |
| ICICI Bank | ICICI STACK for Corporates | It provides banking solutions to the companies related to real estate sector |
| Yeas Bank & TurtleFin | ‘EasyNsure’ Platform | It brings multiple insurance partners on a common platform |
Banking Related Schemes and Initiatives November 2022
| Bank Name | Scheme Name | Key Points |
|---|---|---|
| IDFC FIRST Bank | FIRSTAP | India’s 1st sticker-based debit card, which works with Near Field Communication (NFC) technology. |
| Canara Bank | Electronic Bank Guarantee (e-BG) | Bank Guarantee’s API-based digital workflow that eliminates physical issue, stamping, verification, etc. |
| Axis Bank & Flipkart | Flipkart Axis Bank Super Elite credit Card | To scale the Flipkart Supercoins reward programme |
| Federal Bank | Deposit Plus Scheme | Deposit scheme for Non-Resident Indians (NRIs) |
| Karnataka Bank | CASA Campaign | To introduce potential customers to its digitally enabled savings account options |
| ICICI Prudential Life Insurance | ICICI Pru Sukh Samruddhi | It offers customers guaranteed benefits and growth potential in the form of bonuses |
| Unity Small Finance Bank | Shagun 366 | 1 year, 1 day fixed deposit (FD) scheme, which offers 7.8% p.a. returns for retail customers and 8.30% p.a. 366 days tenure for senior citizens |
| Bank of Baroda | Baroda Tiranga Plus Deposit Scheme | It offers high interest rates up to 7.50% p.a. for 399 days |
Banking Related Schemes and Initiatives October 2022
| Bank Name | Scheme Name | Key Points |
|---|---|---|
| SBI Bank | Gram Seva Program | SBI adopted 30 Remote Villages across 6 states under this program. The 6 states are Haryana, Gujarat, Maharashtra, Punjab, Tamil Nadu, and West Bengal. |
| ICICI Bank UK PLC | HomeVantage Current Account (HVCA) | New Current Account with Visa Debit Card facility for Indian students traveling to United Kingdom (UK) for higher studies. |
| ICICI Bank | ‘Smart Wire’ Facility | An online solution to allow non-resident Indian (NRI) and resident customers to make SWIFT (Society for Worldwide Interbank Financial Telecommunication) based inward remittances online |
| DCB Bank | ‘Suraksha Fixed Deposit (FD)’ scheme | A 3-yearFixed Deposit scheme that offers higher interest rates and free life insurance among other benefits to depositors and their dependents. |
| Karnataka Bank | ‘KBL Utsav’ loan campaign | Home Loan, Car Loan and Gold Loan facilities to meet the festive needs. |
| Karnataka Bank | KBL Centenary Deposit Scheme | A unique term deposit scheme with higher rate of interest |
| IDBI Bank | “Amrit Mahotsav FD” scheme | Fixed Deposit Scheme for a unique bucket of 555 days with a rate of 6.90% as part of the festive offer |
| India Post Payments Bank (IPPB) | Group Accident Insurance Plan | Group Accident Insurance Plan with an accidental death coverage of Rs 10 lakh. |
Banking Related Schemes and Initiatives September 2022
| Bank Name | Scheme Name | Key Points |
|---|---|---|
| SBI Cards and Payment Services Limited | CASHBACK SBI Card | Industry’s first and most comprehensive cashback credit card to boost online spending |
| Bank of India (BOI) | TIN 2.0 system | First Public Sector Bank (PSB) to go live with the new Direct Tax Collection System – TIN 2.0 |
| ESAF Small Finance Bank (ESAF SFB) | Rainbow Savings Account | Launched for the transgender community, in an effort to promote a trans friendly or inclusive labor culture. |
| Agribazaar Technology Private Limited (Agribazaar) | Agribazaar Kisan Safalta Card | To help farmers meet their pre-harvest and post-harvest farm requirements and other related expenses |
| HDF Bank | Bank on Wheels | An initiative to provide banking services to unbanked areas around Ankleshwar in Koteshwar village near Ahmedabad, Gujarat. |
| Max Life Insurance | Smart Flexi Protect Solution | It provides health and enhanced life cover, along with market-linked investment returns |
| Axis Bank and Square Yards | Open Door platform | Platform for Hassle-Free Home Buying |
| Canara HSBC Life Insurance | iSelect guaranteed future plan | An individual, non-linked, non-participating, savings and protection life insurance plan in digital platform. |
| HDFC Life Introduces | Click2Protect Super | A term insurance policy that allows clients to customize their protection needs and pay only for the benefits/plan options they choose. |
| Union Bank of India (UBI) | Ethical Hacking Lab (EHL) | UBI launched EHL in Hyderabad to strengthen the cyber security ecosystem in India |
| Bank of Baroda (BoB) | Khushiyon ka Tohar campaign | Annual festive campaigns that offer attractive interest rates on home and car loans. |
Banking Related Schemes and Initiatives August 2022
| Bank Name | Scheme Name | Key Points |
|---|---|---|
| Bank of Baroda (BoB) | Mobile Application ‘bobcard’ | It provides one-stop solution for customers to manage their Bank of Baroda (BoB) cerdit card services |
| Union Bank of India (UBI) | EmpowerHim | It is an industry-first and men-focused committee dedicated to improving the workplace environment |
| Axis Bank | Axis Receivebles Suite (ARS) | ARS is India’s first one-stop Cash Management Solution |
| Kotak Mahindra Bank | Kotak Creme | Kotak Creme is a lifestyle focused corporate salary account that offers an upgraded banking exprience. |
| Karnataka bank | KBL Amrit Samriddhi | Term Deposit Scheme for a tenure of 75 weeks (525 days) for the 75th anniversary of India’s independence as part of Azadi ka Amrit Mahotsav. |
| Bank of Baroda | Baroda Tiranga Deposite Scheme | Special Fixed Deposit (FD) scheme offering a higher interest rate for subscribers |
| Aegon Life Insurence | #PlayForOurHeroes Campaign | To raise funds for Armed Forces Flag Fund (AFFDF) |
| Bank of Baroda | Yoddha Credit card | It’s a co-branded Rupay Contactless Credit Card for Army Personnel |
| HDFC ERGO | All Things EV | India’s first one-stop-solution portal that provides all the required information related to Rlectric Vehicles (RVs) |
Banking Related Schemes and Initiatives July 2022
| Bank Name | Scheme Name | Key Points |
|---|---|---|
| Standard Chartered Bank | EaseMyTrip Standard Chartered Credit Card | It will provide a flat 20% instant discount on domestic and international hotel bookings & flat 10% instant discount on domestic and international flight bookings on EaseMyTrip |
| Max Life Launches | Insta confirmation of insurance (Insta-COI) | The Insta-COI enables notification to the customer regarding the commencement of the risk cover pending release of the policy contract with a hassle-free onboarding. |
| SBI General Insurance | Cyber VaultEdge | It is an insurance plan for protecting individuals against financial losses arising from cyber risks and attacks. |
| Association of Mutual Funds in India (AMFI) | campaign “Karein Shuru” | Mutual fund (MF) distributor recruitment campaign |
| Go Digit General Insurance Limited | Pay as You Drive | an add-on feature for motor insurance Own Damage (OD) policies. |
| Bajaj Allianz | Pay As You Consume (PAYC) | an add-on motor insurance cover under the Insurance Regulatory and Development Authority of India’s (IRDAI’s) Sandbox Regulations |
Banking Related Schemes and Initiatives June 2022
| Bank Name | Scheme Name | Key Points |
|---|---|---|
| Axis Bank & Indian Oil Launch | “INDIANOIL AXIS BANK RuPay Credit Card” | Aims to offer innovative as well as customized contactless credit card |
| Equitas Small Finance Bank | ENJOI | Savings account for kids (0-18 years), under the supervision of their parents |
| Karnataka Bank | ‘Video-based Customer Identification Process (V-CIP) | Online savings bank (SB) account opening facility via video Customer Identification Process |
| ICICI Bank | ‘Campus Power’ | It offers financial products and provides information about value-added services related to higher studies in India, Canada, UK, Germany, USA and Australia. |
| Bajaj Finance Limited | Har Time EMI on Time | financial education awareness campaign |
Banking Related Schemes and Initiatives May 2022
| Bank Name | Scheme Name | Key Points |
|---|---|---|
| Indian Bank | Digital Broking Solution ‘E-Broking | For comprehensive digitalisation of its customer products |
| Union Bank of India | Online Platform ‘Trade nxt | It enable corporate, and MSMEs to transact all cross-border export-import transactions from the comfort of their place. |
| Indian Bank | First Digital Product “Pre-Approved Personal Loan (PAPL)” Under Project WAVE | It aims to provide customers with instant loan disbursement through a three-step process. |
| State Bank of India (SBI) | Xpress Credit on YONO | Eligible customers can avail of personal loans, Real-time Xpress Credit (RTXC), up to Rs 35 lakhs through the YONO app, without any paperwork |
| HDFC Bank | First Digital New Car Loan – ‘Xpress Car Loan’ | end-to-end digital new car loan solution for both existing and non-customers |
| Bank Of Maharashtra | ‘Mahabank Kisan Credit Card’ (MKCC) | It aims to provide farmers with adequate and timely credit support through a simple digital experience |
| Bank Of Maharashtra | Application ‘Mahabank Leads’ | It is an application for enhanced customer engagement and direct sales of various loan products. |
| India Post Payments Bank | Aadhaar Enabled Payment System (AePS) | It enables online interoperable financial inclusion transactions at the Point of Sale (MicroATM) using Aadhaar verification through any bank’s business correspondent. |
| HDFC ERGO General Insurance Company | ‘Pay as You Drive’ Program ’ | It is an insurance solution that provides distance-based insurance under its own damage section in order to lower upfront insurance premiums |
| Bharti AXA Life Insurance | financial literacy campaign ‘InspiHE₹-Enabling an empowered future’, | Its a special initiative to enhance financial awareness among women and empower them to make informed financial decisions for a secure future. |
| Life Insurance Corporation of India (LIC) | Life Insurance Plan “Bima Ratna” | non-linked, non-participating, individual, savings life insurance plan. |
Banking Related Schemes and Initiatives April 2022
| Bank Name | Scheme Name | Key Points |
|---|---|---|
| Reserve Bank of India (RBI) | RBI established Varnika Ink Manufacturing Facility in Mysuru, Karnataka | The unit produces Colour Shift Intaglio Ink (CSII). |
| HDFC Bank & Shoppers Stop | Shoppers Stop HDFC Bank Credit Card / Shoppers Stop BLACK HDFC Bank Credit Card | The Shoppers Stop HDFC Bank Credit Card is enabled for contactless payments, facilitating fast, convenient and secure payments at retail outlets. |
| Union Bank of India | Digital Bank within Bank | It is a part of its future ready digital transformation project. Under the project, the public sector bank is planning to launch a super app, as per the bank’s regulatory filing. |
| Karnataka Vikas Grameena Bank (KVGB) | “Vikas Siri Sampat-1111’ ” scheme | It is a deposit scheme of limited tenure of only 1,111 days with an interest rate of 5.70% for the general public and 6.20 % for senior citizens |
| India Post Payments Bank (IPPB) | ‘Fincluvation’ | Fincluvation will be an industry-first initiative that will build a robust platform to mobilise the start-up community aimed at financial inclusion. |
| Bank of Baroda (BoB) | ‘bob World Gold’ Mobile Banking Platform | It aims to provide customers with a simpler, smarter, more personalised, and seniorfriendly banking experience. |
| ICICI Bank | India’s First ‘Open-For-All’ Digital Ecosystem for MSMEs | It is an open architecture to empower all Micro, Small, and Medium Enterprises (MSMEs) in India, including customers of other banks, by integrating banking services with value-added offerings. |
Banking Related Schemes and Initiatives March 2022
| Bank Name | Scheme Name | Key Points |
|---|---|---|
| Reserve Bank of India (RBI) | “RBI Kehta Hai’ campaign | Launched by RBI to educate and empower the public about bankingregulations. |
| Axis Bank | ‘HouseWorkIsWork’ Initiative | To provide confidence to women about their employment and also about the skills they possess that could fit in various job roles in a bank. |
| ICICI Bank | “Emirates Skywards ICICI Bank Credit Card” | The co-branded credit card will enable customers to earn Skywards Milesquickly on travel, lifestyle and everyday spends. |
| Ujjivan Small Finance Bank (USFB) | ‘Ujjivan SFB Assisted’ app | This OTP and biometric authentication based application update themobile numbers for individual banking transactions through paperless andsecured manner . |
| Reserve Bank of India (RBI) and the National Payment Corporation ofIndia (NPCI) | UPI for feature phones ‘UPI123Pay’ | UPI123PAY for feature phones will improve digital payments to a higherlevel. |
| Reserve Bank of India (RBI) and the National Payment Corporation ofIndia (NPCI) | 24*7 helpline named ‘DigiSaathi’ | DigiSaathi will help customers to address their queries about digitalpayments in two languages – english and hindi and also working towards allvernacular languages |
| Equitas Small Finance Bank (SFB) | Equitas Bank CSK Debit Card | It is a special edition debit card for Chennai Super King (CSK) fans who shared space with the team’s avatars in this virtual experienceat www.equiverse.in |
| ICICI Bank | “Chennai Super Kings ICICI Bank Credit Card” | The Debit card is designed with a range of exclusive privileges for theCSK fans and distinct banking benefits from ICICI Bank. |
| National Payments Corporation of India (NPCI) | ‘On-Device Wallet-UPI Lite” | It will enable small value transactions in an offline mode for the UPIusers. |
| DBS Bank | Green Deposit Programme | A Programmes for corporate clients which will provide a simple way forthe companies to support environmentally friendly projects or avenues. |
| HDFC Bank | “AutoFirst” app | It offers fully automated auto loans exclusively. |
| HDFC Bank | SmartHub Vyapar app programme | This app combines payment platforms such as cards, UPI, QR codes,tap-pay, and SMSbased payments |
Banking Related Schemes and Initiatives February 2022
| Bank Name | Scheme Name | Key Points |
|---|---|---|
| National Bank for Agriculture and Rural Development (NABARD | JIVA Programme | To promote natural farming under its existing watershed and wadi programmes in 11 states. |
| Small Industries Development Bank of India (SIDBI) | Waste to Wealth Creation’ Programme | • The program virtually inaugurated by SIDBI. • The ‘Waste to Wealth Creation’ Programme, designed for the women in Sundarbans in South 24 Parganas district of West Bengal. |
| Punjab National Bank (PNB), and Patanjali Ayurved Limited (PAL) in partnership with NPCI | “PNB RuPay Platinum” and “PNB RuPay Select” Contactless Credit Card | • To make easy transactions by placing your card within a few inches of the PoS terminals. |
| Paisabazaar Partners with RBL bank | ‘Paisa on Demand’ (PoD) credit card | • The aim of the partnership is to build products that offer integrated services for the large under-served segments across India. |
| Yes Bank | Annual Start-up Program – ‘Agri Infinity program’ | • To co-develop digital financial solutions for the food and agriculture, ecosystem by mentoring entrepreneurial ventures in the field |
| Standard Chartered Bank | ‘interest-only home loan’ facility | • For complete residential properties where borrowers can pay only the interest without principal deduction during a limited period. |
| TripMoney Partners with SBM Bank | ‘TripMoney Global Card’ | • ‘TripMoney Global Card’ is a rupee-denominated secure credit card, powered by Visa and it can be used across over 150 countries |
Banking Related Schemes and Initiatives January 2022
| Bank Name | Scheme Name | Key Points |
|---|---|---|
| Reserve Bank of India | market-making scheme
| • To promote retail participation in Government Securities (G-Secs) by providing prices/quotes to Retail Direct Gilt Account Holders (RDGAHs) enabling them to buy or sell securities under the RBI Retail Direct (RBI-RD) Scheme. |
| Pencilton fintech | PencilCard | • It is India’s 1st debit card with National Common Mobility Card (NCMC) for teens.
• PencilCard is an NCMC –compliant RuPay debit card specially designed for the teenager. |
| SBI General Insurance | #BahaneChhodoTaxBachao’ Campaign | • To increase awareness around the need to buy health insurance to save tax. |
| LazyPay Partners with SBM Bank | LazyCard | • To empower financially underserved Indians with easy access to credit as their card has limited credit options. |
| UCO Bank | UCO Bank RuPay Select Contactless Debit Card | • This contactless debit card comes with a host of benefits and has been curated keeping in mind the needs and lifestyle of premium/HNI customers of the bank,” the lender said in a statement.
• The card also offers an ATM withdrawal limit of Rs 50,000 along with a purchase of up to Rs 2 lakh at POS or e-commerce |
| Ujjivan Small Finance Bank | Platina Fixed Deposit’ (FD) | • It offering interest of 15 basis points (bps) higher than the regular term deposit rates provided by Ujjivan SFB |
| Life Insurance Corporation (LIC) | Digi Zone | • It can be used by the customers to purchase policies online, pay the premium and avail of other services. |
| Paytm Money | Intelligent Messenger ‘Pops’ | • It provides specific information related to their stock, portfolio analysis, market news, and important market movements all in one place and easily available to its users. |
| Bank of Baroda (BOB) Partnered with National Payments Corporation of India (NPCI) And Snapdeal | Contactless RuPay Credit Card | • To popularise the adoption and usage of credit cards among the online buyers from India’s smaller cities and towns. |
| MobiKwik & Bharat BillPay | ‘ClickPay’ | • ClickPay is a two-factor authentication payment feature wherein the billers generate a unique payment link within the bill-pay message and allow customers to make payments directly on the payment page. |
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