List of Schemes and Initiatives of various Banks, 2022
“Banking Current Affairs” is a vital topic for Banking and Insurance exams along with all other competitive exams. In this article we provide various schemes and initiatives launched by various banks in India. It is an important topic under the Banking current affairs sections.
Schemes and Initiatives by Banks 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 banking regulations.|
|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 Miles quickly on travel, lifestyle and everyday spends.|
|Ujjivan Small Finance Bank (USFB)||‘Ujjivan SFB Assisted’ app||This OTP and biometric authentication based application update the mobile numbers for individual banking transactions through paperless and secured manner .|
|Reserve Bank of India (RBI) and the National Payment Corporation of India (NPCI)||UPI for feature phones ‘UPI123Pay’||UPI123PAY for feature phones will improve digital payments to a higher level.|
|Reserve Bank of India (RBI) and the National Payment Corporation of India (NPCI)||24*7 helpline named ‘DigiSaathi’||DigiSaathi will help customers to address their queries about digital payments in two languages – english and hindi and also working towards all vernacular 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 experience at www.equiverse.in|
|ICICI Bank||“Chennai Super Kings ICICI Bank Credit Card”||The Debit card is designed with a range of exclusive privileges for the CSK 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 UPI users.|
|DBS Bank||Green Deposit Programme||A Programmes for corporate clients which will provide a simple way for the 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|
Schemes and Initiatives by Banks 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|
Schemes and Initiatives by Banks 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.|
List of Schemes and Initiatives of Banks 2021
Schemes and Initiatives by Banks October, 2021
|Bank Name||Scheme Name||Key Points|
‘Fin Booster’ Credit Card
|Yes Bank and BankBazaar.com together launched a Co-Branded credit card named FinBooster to measure the Creditworthiness of the customers.|
New Family Savings Account – ‘YES Family’
|YES Bank has launched a new category of value-added family savings accounts named YES Family proposition to enable customers of varying income levels to collaborate and coordinate their spending together with their families|
Kotak Mahindra Bank (KMB)
Rupay Credit Cards ‘Veer
|National Payments Corporation of India (NPCI) partnered with Kotak Mahindra Bank (KMB) has launched Kotak credit cards on the RuPay network named ‘Veer’ for Indian armed forces, i.e the Army, Navy, and Air Force personnel.|
Punjab National Bank (PNB)
|It offers financial services at a concessional rate during festival season. The campaign encapsulates various schemes such as Swabhiman, Samruddhi, Sampark and Shikhar, Sankalp and Swagat.|
ESAF Small Finance Bank (SFB)
Current account ‘Supreme’
|It’s a Current account for Non-Resident Indians (NRIs). It has over 17,940 Non-Resident Savings Bank accounts from 121 countries globally and began offering current accounts in May 2021|
List of Schemes / Initiatives by Banks September, 2021
|Bank Name||Scheme Name||Key Points|
|ICICI Bank||virtual property exhibition ‘Home Utsav||A virtual property exhibition, for Delhi-NCR that digitally showcases real estate projects by renowned developers in and around the region.|
|State Bank of India||‘Second Innings Tap VRS-2020 (Voluntary Retirement Scheme)‘ scheme||A minimum service tenure of 10 years or are above 40 years of age can apply to benefit from the Voluntary Retirement Scheme|
|Fino Payments Bank||Payments Bank launched digital savings account Jan BachatKhata||It is an Aadhaar Authentication based digital savings account faceity.|
• Under this scheme consumers can transact at a Fino branch or merchant point with fingerprint and OTP combination
|Bank of India||International contactless debit card, “Signature Visa Debit Card”||This card will have a spending limit of up to Rs. 5 lakhs on POS & e-commerce and Rs. 1 lakh on ATM.|
|State Bank of India||“SAFAL”||• The product Safe and Fast Agriculture Loan (SAFAL) is primarily focussed on organic cotton growers who don’t have any credit history.|
|ICICI Bank||‘iStartup2.0’ programme for start-ups||•It will take care of aspects such as regulatory assistance, analytics, staffing, accounting, customer acquisition and digital outreach to customers, among others.|
|ICICI Home Finance||Apna Ghar Dreamz||• New home loan scheme for skilled laborers like electricians, mechanics, painters, grocery store owners etc in the informal sector of Delhi.|
• The credit amount of this loan ranges from Rs 2 lakh to 50 lakhs.
|.Bandhan Bank||New vertical called “Emerging Entrepreneurs Business (EEB)”||The vertical will focus on supporting this segment of customers in their journey to becoming entrepreneurs.|
|Canara Bank||i-Lead 2.0 (Inspiring Leads System version 2.0)||A lead management system (LMS) for the customers of CanaraBank through which they can enquire and get services through simple modes such as internet banking, mobile banking, call centre, SMS and missed call.|
|Karnataka Vikas Grameena Bank||New gold loan scheme – Vikas Laghu Suvarna||Through this scheme the bank is giving 80 per cent of the market value of the gold subject to a maximum of Rs. 3200 a gram.|
• A maximum loan of up to Rs. 15 lakh will be provided.
• The loan is repayable within six months, he said.
|State Bank of India||started a programme by the name “Mahila Atmanirbharshil Aachani” (Women Self-Reliance programme) in Assam||• To accelerate the Self Help Group (SHG) finance in Assam under the scheme NRLM..|
|IDFC First Bank||“SafePay” a contactless debit card-based payment facility||This payment facility will allow contactless debit card payments by simply waving one’s smartphone against a Near Field Communication (NFC)-enabled POS terminal.|
|HDFC Bank||Warehouse Commodity Finance App||This will enable customers in drawing down and managing the loan against pledge of commodities online without physical intervention for multiple visits to a bank branch.|
|Reserve Bank of India||‘positive pay system’ for cheque||• It is a process of reconfirming the key details of high-value cheques.|
• It allow us to share the cheque details with our concerned bank before the bank processes it.
List of Schemes / Initiatives by Banks, 2021 (January to August)
|Bank Name||Scheme Name||Key Points|
|State Bank of India||Residential Builder Finance with Buyer Guarantee (RBBG) scheme||The scheme will focus on affordable housing projects priced up to 2.50 crore in 10 cities initially.|
|HDFC Bank||myApps||This app will enable urban local bodies, including Smart-cities and municipalities, housing societies, clubs or gymkhanas and even religious institutions to completely digitise their ecosystem.|
|ICICI Bank||Cardless cash withdrawal facility||Through this facility one can withdraw cash over 15,000 from ICICI Bank ATMs across India, without any ATM Card.|
|IndusInd Bank||Wealth management platform – “PIONEER Banking”||Pioneer will address personal banking, business banking, wealth & insurance needs of its clients.|
|ICICI Bank||Self-service delivery facility – ‘iBox’||Through this facility customers can collect their deliverables like debit cards, credit cards, cheque book and returned-cheques from the bank branch near to their home or office|
|Indian Bank||Two loan product – Corporate Loan and Ind Surya Shakthi||• Surya Shakthi loan scheme for rooftop solar set up.|
• Corporate Loan for finance product in aid of units under stress for working capital.
|Karnataka Bank||A point of sales (POS) device – ‘WisePOSGo’||• It is a business payment facility for its merchant customers.|
• The POS machine provides various features like contact-less payment, mobile phone, QR Code, Pay by link, Magstripe, barcode scanner, 5 megapixel camera etc.
• It also supports 4G, WiFi, Bluetooth and micro–USB.
• It can connect through various social media platforms like Facebook, YouTube, and WhatsApp.
|SIDBI||MSME Saksham portal||It is a comprehensive financial education and knowledge platform for MSMEs and will support them in managing their credit obligations.|
|National Payments Corporation of India (NPCI)||RuPay API Platform – “nFiNi”||nFiNi will power RuPay cards by offering access to services through the NPCI network|
|Airtel Payment bank||Aadhaar enabled payment system (AePS)||The AePS platform offers an ease of secured banking to everyone by using only their Aadhaar card|
|State Bank of India||UPI-based payment platform – Bharat InstaPay||• Launched by BSNL, in Association With SBI.|
• It provides digital payment facility for BSNL channel partners across the country
|Paytm Payments Bank||Visa Virtual debit cards||It will enable to transact at all merchants accepting payments through cards.|
|Karur Vysya Bank||Prepaid card Enkasu (My cash in Tamil)||The card functions based on Near Field Communication Technology (NFC).|
• The customers buying this card can make ‘tap & go’ payments for even small purchases to merchants from an amount of Rs. 1 to doing away with the need for cash & small change.
|Jana Small Finance Bank||UPI QR-based loan instalment payment facility||• Launched by Jana Small Finance Bank with the collaboration of the National Payment Corporation of India.|
• The UPI QR-based loan instalment payment facility will enable the customers of the small finance bank to generate UPI QR code for their loan account .
|Indian Bank||Five special emergency loans for its customers to address lockdown||• It will be the second bank after State Bank of India (SBI) to come out with such schemes|
|‘FD Health’||ICICI Bank||• India’s first fixed deposit with critical illness insurance scheme.|
• It will provide the customer a complimentary critical illness cover of Rs. 1 lakh from ICICI Lombard General Insurance Company on opening an FD of Rs. 2 lakh to Rs. 3 lakh for tenure of at least two years.
|Karnataka Vikas Grameen Bank||Vikas Abhaya loan scheme||• It will provide some relief to Micro, Small and Medium Enterprise(MSME) borrowers.|
• This scheme is for those borrowers whose business activities are disrupted on account of the COVID-19 pandemic in Dharwad, Karnataka.
|Canara Bank||Special business vertical dedicated to gold loans||To meet the financial needs of its customers due to the COVID-19 pandemic|
|HDFC Bank||‘Summer Treats’ campaign||• Under the campaign, bank will offer no cost EMI and no down payment for large appliances.|
• It will also offer discounts and cash backs on select brands along with 50% extra reward points on online spend using credit cards.
|Airtel Payments Bank||Suraksha Salary account||• Through it Micro, Small and Medium entrepreneurs and other organisations will be able to make cashless payments along with a wide range of benefits including Hospicash Insurance and personal accidental insurance cover.|
|ICICI Bank||Online overdraft (OD) facility ‘Insta FlexiCash’||• It enables Salary Account customers to get instant approval for OD.|
• An end-to-end digital facility; the customer does not need to visit a branch
|Yes Bank||‘Swasth Card’ a co-branded healthcare card||• A co-branded healthcare card, under Swasth program launched by Yes Bank in partnership with fintech startup “Affordplan” .|
|Karnataka Bank||KBL Micro Mitra||• It provides a financial assistance of up to Rs 10 lakhs to the Micro manufacturing and service enterprises.|
|Jana Small Finance Bank||DigiGen platform||• To open FD & Savings accounts instantly|
|Yes Bank||Digital wallet solution ‘Yuva Pay’ mobile app||• A contactless payments facility for customers.|
• Launched by Yes Bank in partnership with UDMA Technologies.
• Through the app, customers can pay their utility bills (including municipal, house, water tax, electricity, LPG, DTH, Mobile bill, license fees), make insurance renewals, FASTag recharges, EMI payments, and use the app to make payments at retail outlets.
|HDFC bank||co-branded credit card – Ka-Ching||• Launched by INDIGO airlines in association with HDFC bank. • The co-branded credit card includes benefits such as lounge access, priority check-in at airports, discounted convenience fee and fuel charge waivers.|
|ICICI Bank||Digital wallet ‘Swiggy Money’||•Launched by Swiggy in partnership with ICICI bank|
• Through this wallet consumers can avail “one-click” checkouts.
• Like other mobile wallets, Swiggy Money is designed to store a certain amount of money virtually that can be used for any food orders made through the Swiggy app.
|HDFC Bank||‘e-Kisaan Dhan’ app for farmers all over India||• Through this app the farmers will be able to access a bouquet of services, both banking and agriculture, through their mobile phones.|
|ICICI Bank||Insta Loans against Mutual Funds facility||It enables retail customers to get loan of up to Rs 1 crore instantaneously by pledging their holdings in both debt and equity schemes of mutual funds.|
|HDFC Bank||ZipDrive instant auto loans to customers in 1,000 cities across India||• Through ZipDrive, customers can get the car loan amount disbursed instantly to car dealers through NetBanking anytime, anywhere.|
|Fino Payments Bank||Bhavishya savings account||• A savings account for minor children aged between 10 and 18 years.|
• Bhavishya, a subscription-based savings account, is aimed at making children banking ready, inculcating a savings habit.
|Yes Bank||Personal loan disbursal facility ‘loan in seconds’||It enabled instant disbursement of retail loans for the Bank’s pre-approved liability account holders, in line with the Bank’s strategy of building a transformed ‘Digital Bank’.|
|Kotak Mahindra Bank||‘Kona Kona Umeed” campaign||• Under this campaign the bank will provide a range of offers and deals on its products including loans, savings accounts, current accounts, corporate salary accounts as well as Kotak debit cards, credit cards and digital payments.|
|HDFC Bank||“Shaurya KGC Card”||It will offer agriculture loans for military and paramilitary professionals|
|Punjab National Bank||‘DIGITAL APNAYEN’||• To encourage customers to use digital banking channels.|
|Yes Bank||Unique digital solution called ‘Loan against Securities’||It helps customers avail a loan against the securities that they hold, by merely pledging and not selling them.|
|Lakshmi Vilas Bank||‘LVB DigiGo’||• It is an instant account opening facility.|
• It enable the opening of savings account instantly.
• LVB’s new initiative will help people to avail the most required banking services instantly through there website.
|Bank of Baroda||‘Insta Click Savings Account’||• It is a digital self-assisted online savings account, for all its customers.|
• The bank’s Insta Click Savings Account will offer innovative digital offerings for customers, from the comfort of their homes.
|HSBC India||‘Green Deposit Programme’||Under this new initiative bank will finance green initiatives such as renewable energy, clean transportation, pollution prevention and control, green building, sustainable water, waste water management and others, aroviding a simple way for companies to support environmentally-beneficial projects.|
|Axis Bank||‘Gig-a-Opportunities’||It is a hiring initiative by Axis bank in which Axis Bank has plans to employ nearly 1,000 skilled talent people that can work with the bank remotely, from anywhere in the country.|
|State Bank of India||‘Online Home Carnival’||• To boost the real estate sector in Bengaluru State Bank of India (SBI) has unveiled its ‘Online Home Carnival,’ in partnership with real-time group negotiation e-platform AddaCorner.|
|Axis Bank||new savings account called the Liberty Savings Account||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|