Page 8 - Banking Finance June 2023
P. 8

BANK UPDATE


          base and would look at different cur-  years from date of maturity are classi-
                                                                                  Attention Subscribers
          rencies.                          fied as "unclaimed deposits".
                                                                                Please renew your Subscription of The
          Exim Bank  raised $1 billion  through  These amounts  are transferred by
                                                                                Insurance Times Journal to receive
          sustainability bond in Jan-uary 2023,  banks to "Depositor Education and
          under  its  environm-ent  social  Awareness" (DEA) Fund maintained by  copy of the journal uninterruptedly.
          governa-nce (ESG) framework. It later  the Reserve Bank of India.     You can now pay by GPAY, Phonepe,
          raised $100 million via a second offer-                               Paytm, Amazon, ICICI Pay, BHIM UPI
                                            "The Reserve Bank of India today an-
          ing of the bond. Proceeds from the
                                            nounced a '100 Days 100 Pays' cam-
          bonds will be used for renewable en-  paign for banks to trace and settle the
          ergy, clean transportation, access to  top 100 unclaimed deposits of every
          essential services and basic infrastruc-  bank in every district of the country
          ture, affordable ho-u--sing, and water  within 100 days," the central bank said
          and  waste  management,  Bangari  in a statement.
          said.
                                            This measure, it added, will comple-
          Exim's net profit more than doubled to  ment the ongoing efforts and initia-
          Rs.1,556 crore in FY23 from Rs 738  tives by the Reserve Bank  to reduce
          crore in FY22. Total income increased  the quantum of unclaimed deposits in
          to Rs.11,487 crore in FY23 from Rs  the banking system and return such
          8,363 crore in FY22. Net loan portfolio  deposits to their rightful owners/claim-
          increased by 17 per cent year-on-year  ants.
          (YoY) to Rs 1.34 trillion in FY23 from Rs
          1.17 trillion in FY22. Loan gr-o-wth is
                                            PSBs plan to recover bad
          expected to be 12-15 per cent in FY24,
          said Bangari. The non-fund portfolio, loans
          which  includes  guarantees, grew by  State-run banks are likely to launch a
          11.5 per cent to Rs 17,000 crore at the  special drive to recover written-off
          end of March 2023. Exim's gross non-  loans after the government nudged
          performing assets (NPA) rose to 4.09  them to fast-track proceedings against
          per cent at the end of March 2023  errant borrowers.
          from  3.56  per  cent  at  the  end  of
                                            A senior official told that the govern-  Sashi  Publications Easy Payment
          March 2022.
                                            ment has  asked public sector banks  Modes :-
                                            (PSBs) to focus on written-off loans and  i) UPI ID: SASHIBOOKS@KOTAK
          Unclaimed           deposits:     try to recover at least 2 lakh crore in  ii) GPAY: 9830171022@okbizaxis
                                            this financial year.
          Banks to launch '100 Days                                              iii) PAYTM: 9830171022@paytm
                                            PSBs wrote off bad loans of Rs. 8.16  iv) NEFT: Current A/C
          100 Pays' campaign
                                            lakh crore from their books in the six
                                                                                   402120110000327 of 'SASHI
          The Reserve Bank of India said a spe-  years  to 2021-22. In  the first nine
                                                                                   PUBLICATIONS PRIVATE
          cial 100 days campaign will be launched  months of 2022-23, PSBs wrote off
                                                                                   LIMITED, Bank of India, VVK
          under which banks trace and settle  90,958 crore of bad loans, as per the
                                                                                   Road Branch., Kolkata, India,
          their top 100 deposits in every district  latest data.
                                                                                   IFSC Code : BKID0004021
          of the country. The banks will com-
                                            "It is for the banks to decide individual  v) Credit Card:
          mence  the campaign from June  1,
                                            targets  after consultation with  their
                                                                                   www.sashipublications.com
          2023.
                                            respective boards. We have only asked
                                                                                 For  any  query  please  call
          Balances in savings/current accounts  them to focus on this area," said the
                                                                                 9073791022/9883398055
          which are not operated for 10 years,  official, who did not wish to be identi-
          or term deposits not claimed within 10  fied.                          www.sashipublications.com
            8 | 2023 | JUNE                                                                | BANKING FINANCE
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