Page 5 - BANKING FINANCE February 2024

BANK UPDATE

Banking

News

Banks logged 12.2% relocating bank accounts. With the new The value of the transactions rose 19%
online scheme, customers don't have to to Rs 5,861 crore over the same pe-
growth in FY23 fill out those endless forms and wait for riod, and 10% higher than the Rs 5,539

Indian banks grew at 12.2% last fiscal days and weeks for the account trans- crore recorded in November 2023 as
year driven by loans to retail consum- fer to materialise. Indians took to the road in record num-
ers and services sectors, but the To partake in this seamless service, bers during the Christmas vacation.
banks' service to customers has not customers must ensure their phone The transaction count was 8% higher.
kept pace and they need to go beyond numbers are accurately registered with
just monitoring the turnaround time,
the bank. Card and internet frauds
the Reserve Bank of India said in an
annual report. "As part of our continuous endeavours rise sharply
towards making our customers' bank-
The regulator said that it is reviewing ing journey more efficient and easier, Based on the date of reporting, the
the non-fund based facilities offered by we are introducing Savings Account average amount of involved in frauds
banks such as guarantees and letters Portability Online," said Ajay Kumar declined by 85 per cent during the first
of credit to come up with guidelines as Srivastava, Managing Director & CEO, half (H1) of financial year 2023-24 with
they form an important role in the Indian Overseas Bank. the number of frauds rising sharply by
growth and development of the 624 per cent in the card and internet
economy. UPI payments rise 42% to segment, the Reserve Bank of India
(RBI) said in a report.
Rs. 18 lakh crore in Decem-
IOB unveils savings ac- The number of frauds in the card and
ber internet segment jumped to 12,069
count portability facility
UPI transaction value went up 42% cases involving Rs 630 crore during
Indian Overseas Bank has introduced year-on-year to Rs 18 lakh crore in H1FY24 as against 2,321 cases for just
'Savings Account Portability Online', a December, while volume rose 54% to Rs 87 crore in the same period of last
scheme that is aimed at offering an 1,202 crore. The growth in UPI trans- year, as per RBI's report on trend and
easier savings account portability pro- action volume stood at 7% when com- progress of banking. Overall, banks
cess for customers who move to differ- pared to the previous month. reported 14,483 cases of fraud involv-
ent locations. ing Rs 2,642 crore during the period,
Average daily transactions under UPI
For individuals, who have to shift from touched 40 crore against the targeted down from 5,396 cases involving Rs
one location to another due to career 100 crore in three years by NPCI ear- 17,685 crore frauds.
shifts, educational pursuits, or various lier this year. The volume of Fastag On the other hand, based on the date
life transitions, the new scheme will transactions touched 34.8 crore in De- of occurrence of frauds, the average
help avoid the cumbersome process of cember, up 13% year-on-year. amount involved in frauds declined

BANKING FINANCE | FEBRUARY | 2024 | 5