Page 6 - Banking Finance May 2023

BANK UPDATE

amongst women and those in the was transferred to RBI by public sec- put downward pressure on growth
Scheduled Castes and Scheduled Tribes tor banks in respect of deposits which prospects in the second half of 2023.
categories by providing them loans for were not operated for 10 years or
starting greenfield enterprises in more. Two person booked for
manufacturing, services, the trading
"In order to improve and widen the
sector, and activities allied to agricul- duping HDFC Bank of Rs.
access of depositors/beneficiaries to
ture. 21.82 crore
such data, RBI has decided to develop
In the first year, Rs 3,683 crore was a web portal to enable search across The Economic Offences Wing (EOW) of
sanctioned, which has now swelled to multiple banks for possible unclaimed the Mumbai police has registered a
Rs 40,710 crore as of March 31, 2023, deposits based on user inputs," RBI case of cheating and forgery against
the data showed. Governor Shaktikanta Das said while the directors of two private companies
announcing the first bi-monthly mon- for allegedly duping HDFC Bank to the
The Karnataka Bank aims etary policy for the current financial tune of Rs 21.82 crore.
year. The accused company availed bill dis-
for a turnover of Rs. 1.75
The search results will be enhanced by counting facilities from the bank on the
lakh crores use of certain AI tools, he said. RBI basis of bogus bills/invoices and de-
Karnataka Bank Ltd has targeted a Deputy Governor M Rajeshwar Rao frauded it.
total business turnover of Rs. 1.75 lakh said, "we expect the portal to be ready
Bill discounting is a type of lending in
crore during 2023-14, according to in 3-4 months".
which the bank takes the bill drawn by
Mahabaleshwara MS, Managing Di-
the borrower on his customer and pays
rector and Chief Executive Officer of
World Bank raises 2023 him immediately, deducting some
the bank. amount as a discount/commission.
global growth outlook a
He said as per the provisional numbers, The police have booked Satnam Singh
the business turnover of the bank stood tad to 2%
Maini and Harangad Singh Maini of
at Rs. 1,48,694 crores with a growth World Bank Group President David
Agile Security Force & Systems Pvt. Ltd.
rate of 7.63 per cent. Malpass said that the lender has re-
and Whiskers Infracare Pvt. Ltd.
vised its 2023 global growth outlook
This included deposits of Rs. 87,362
slightly upward to 2% from a January
crore and advances of Rs. 61,326 Public Sector Banks trans-
forecast of 1.7% but the slowdown
crores. The total CASA (current ac-
from stronger 2022 growth will in- fer Rs.35000 crore un-
count savings account) deposits stood
crease debt distress for developing
at 32.97 per cent of total deposits as claimed deposits to RBI
countries.
on March 31. Karnataka Bank has About Rs 35,000 crore unclaimed de-
stepped into its 100th year. Malpass told that the upward revision posits as of February 2023 were trans-
was due to an improved outlook for ferred to the Reserve Bank by public
3-4 months until un- China's recovery from Covid-19 sector banks in respect of deposits
lockdowns, with growth now pegged which have not been operated for 10
claimed deposits portal is
at 5.1% this year compared to 4.3% in years or more, Parliament was in-
ready the bank's January Global Economic formed.
Prospects report.
Reserve Bank of India said a These unclaimed deposits belong to
centralised portal would be ready in Advanced economies, including the 10.24 crore accounts transferred to
three to four months wherein deposi- U.S., are also doing a bit better than the Reserve Bank of India as of the end
tors and beneficiaries can access de- the World Bank anticipated in January, of February 2023.
tails of unclaimed deposits across vari- Malpass said.
"As per information available with the
ous banks.
But the departing World Bank chief RBI, as of the end of February 2023,
As of February, this year, about warned that turmoil in the banking the total amount of unclaimed depos-
Rs.35,000 crore of unclaimed deposits sector and higher oil prices could again its transferred to RBI by PSBs in re-

6 | 2023 | MAY | BANKING FINANCE