Page 8 - Banking Finance June 2023

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