Page 6 - Banking Finance January 2024

BANK UPDATE

Banks, unions agree to Deposits and advances jumped by Rs.
2,30,727 crore and Rs. 2,15,584 crore, Attention Subscribers
17% wage increase respectively. In the preceding fortnight Please renew your Subscription of The
The Indian Banks' Association and ended November 17, 2023, while de- Insurance Times Journal to receive
unions have agreed to a 17% wage posits declined by Rs. 60,496 crore, copy of the journal uninterruptedly.
hike for all public sector banks, advances rose by Rs. 37,309 crore. You can now pay by GPAY, Phonepe,
amounting to Rs 12,449 crore - a move
"Festival demand is ebullient. In urban Paytm, Amazon, ICICI Pay, BHIM UPI
that will benefit around nine lakh em-
areas, consumer appliances are in
ployees, including 3.8 lakh officers.
strong demand, especially in the mid
The wage revision for five years will be and premium segments. Consumer
effective November 2022, which sentiment is upbeat. Close to 80 per
means employees will receive arrears cent of purchases of consumer durables
for the previous 12 months. While the are reported to be through consumer
package based on pay slip expenses for financing schemes spiced up with at-
2021-22 will be effective across all pub- tractive equated monthly instalment
lic sector banks, including SBI, several (EMI) offers. Entry level segment de-
old generation private players also mand is relatively subdued as
have salaries linked to the revised one. 'premiumisation' shows clear signs of
The IBA has also asked the govern- developing into a consistent trend,"
ment to declare all Saturdays as bank per a report in RBI's November
holidays under the Negotiable Instru- monthly bulletin.
ments Act, a demand that was for-
warded by the banking lobby group Unclaimed deposits with
several months ago but is pending with banks rise by 28%
the Centre.
There has been a 28 per cent annual
The new pay scales will be constructed
increase in unclaimed deposits with the
after merging dearness allowance cor-
banks to Rs 42,270 crore as on March
responding to 8,088 points (average 2023, Parliament was informed.
index point as applicable for the quar- Sashi Publications Easy Payment
ter of July, August, and September As compared to Rs 32,934 crore un-
claimed deposits with public and pri- Modes :-
2021) to the basic pay as on October i) UPI ID: SASHIBOOKS@KOTAK
31, 2022, and adding thereon a load- vate sector banks in FY22, the amount
ing of 3%, amounting to Rs 1,795 increased to Rs 42,272 crore at the ii) GPAY: 9830171022@okbizaxis
crore. end of March 2023, an increase of 28 iii) PAYTM: 9830171022@paytm
per cent. iv) NEFT: Current A/C

Bank deposits, advances As much as Rs 36,185 crore unclaimed 402120110000327 of 'SASHI
deposits were with public sector banks PUBLICATIONS PRIVATE
soar by over Rs. 2 lakh LIMITED, Bank of India, VVK
while Rs 6,087 crore were with private
crore each sector banks at the end of March Road Branch., Kolkata, India,
Deposits and advances of all scheduled 2023. IFSC Code : BKID0004021
banks soared by over Rs. 2 lakh crore Banks send unclaimed deposits of ac- v) Credit Card:
www.sashipublications.com
each in the reporting fortnight ended count holders lying in their accounts
December 1, 2023, per RBI's Sched- for 10 or more years to RBI's Deposi- For any query please call
uled Banks' Statement of Position in tor Education and Awareness (DEA) 9073791022/9883398055
India. Fund. www.sashipublications.com

6 | 2024 | JANUARY | BANKING FINANCE