Banking & Financial Awareness GK Digest : May 2025

The Indian government has merged two regional rural banks in Karnataka

Current Context: On May 1, 2025, the Indian government merged Karnataka Vikas Grameena Bank (KVGB) and Karnataka Gramin Bank (KGB) to form the Karnataka Grameena Bank.

Here are the key points:

Ownership: Central Govt 50%, State Govt 15%, Canara Bank 35%.
Scale: 1,751 branches, ₹1,04,851 crore turnover, India’s second-largest RRB.
Leadership: Sreekant M. Bhandiwad appointed as Chairman.

Goldsikka Unveils India’s first AI-powered Gold Melting ATM

Current Context: Goldsikka’s AI-powered Gold Melting ATM, unveiled on May 3, 2025, in Hyderabad, is a groundbreaking innovation in gold transactions.

Key Highlights:

Goldsikka unveiled its AI-powered Gold Melting ATM on May 3, 2025, in Hyderabad, revolutionizing gold transactions.
Gold Deposit & Melting: Users deposit gold; the machine melts and tests purity.
Value Assessment: Determines worth based on purity and market rates.
Instant Payment: Transfers funds within 30 minutes if accepted.
Security: Aadhar & ID verification, with police alerts for criminal records.