Page 25 - Banking Finance June 2023

PRESS RELEASE

ICICI Bank introduces auto recharge on FASTag through

UPI mandate

ICICI Bank today announced that it has enabled FASTag weekly, monthly, and quarterly. They can activate and
auto recharge through Unified Payments Interface (UPI) deactivate the auto recharge facility as per their
mandate. The facility offers yet another option to users to convenience.
recharge their FASTag automatically as per pre-defined
Speaking on the initiative, Mr. Sudipta Roy, Head – Credit
frequency in a completely digital manner. It helps users to
Cards, Payment Solutions & Merchant Ecosystem, ICICI Bank
pass through the FASTag lane at toll plazas seamlessly and said “We are delighted to introduce auto recharge facility
eliminates the inconvenience of not having sufficient funds through UPI mandate for FASTag.
in their accounts.
ICICI Bank is the first bank to offer this facility. With the
Users can set up the standing instructions through UPI government’s initiative to install FASTag in vehicles for toll
mandate by a one-time quick and easy process. They can fees and increased adoption of UPI payments, we believe
use the facility to recharge FASTag affixed on the vehicle or the auto recharge facility using UPI mandate will offer more
the FASTag wallet with their chosen frequency options- daily, convenience to users.”

Bank of Maharashtra tops PSU lenders chart in profit and loan

growth in FY23

Bank of Maharashtra also recorded highest growth in However, in absolute terms, aggregate loans of the
profitability with bottom-line growing almost 126 per cent country’s biggest lender SBI were nearly 16 times higher
to Rs 2,602 crore during the year. at Rs 27,76,802 crore. With regard to deposit growth, BoM
witnessed 15.7 per cent rise and mobilized Rs 2,34,083
State-owned Bank of Maharashtra (BoM) has emerged as
crore at the end of March 2023.
the top performer among public sector lenders in terms of
Bank of Baroda was second with 13 per cent growth in
loan and deposit growth in percentage terms during 2022-
deposits (Rs 10,47,375 crore) while Punjab National Bank
23.
recorded 11.26 per cent increase at Rs 12,51,708 crore,
The Pune-headquartered lender also recorded highest according to the data.
growth in profitability with bottom-line growing almost 126
BoM retained the top position in terms of garnering low-
per cent to Rs 2,602 crore during the year.
cost Current Account and Savings Account (CASA) deposits
However, all the 12 public sector banks together recorded with 53.38 per cent followed by Central Bank of India (50.18
57 per cent jump in net profit at Rs 1,04,649 crore in per cent).
FY23,according to published yearly numbers of public sector
Total business growth of BoM was also the highest at 21.2
banks (PSBs). per cent at Rs 4,09,202 crore followed by Bank of Baroda
at 14.3 per cent (Rs 18,42,935 crore) at the end of FY23.
In terms of percentage increase in gross advances, BoM
recorded 29.4 per cent jump in loans at Rs 1,75,120 crore In terms of Retail-Agriculture-MSME (RAM) loans, BoM
as of March 2023. It was followed by Indian Overseas Bank registered the highest growth of 24.06 per cent followed
and UCO Bank with 21.2 per cent and 20.6 per cent growth, by Punjab National Bank at 20.85 per cent and Punjab &
respectively. Sind Bank at 20.70 per cent on an annual basis.

BANKING FINANCE | JUNE | 2023 | 23