Page 5 - Banking Finance January 2022

BANK UPDATE

Banking

News

SBI yet to give bank Rs. charged Rs 17.70 for every debit trans- from Rs 3 trillion to Rs 4.5 trillion and
action beyond four a month. the scheme has been extended up to
164 crore of digital fees to March 31, 2022.
Debit transaction means any with-
Jan Dhan A/Cs' drawal transaction that includes cash The last date of disbursement under
State Bank of India (SBI) is yet to re- withdrawal, Unified Payments Inter- the scheme has been extended to June
turn Rs 164 crore of undue fee charged face (UPI), Immediate Payment Service 30, 2022.
from the account holders of Pradhan (IMPS), National Electronic Funds
Mantri Jan Dhan Yojana (PMJDY) to- Transfer (NEFT), Real-Time Gross Bank credit grows 7% by
wards digital payments during April Settlement (RTGS) pre-authorised
2017 and December 2019, a report standing instruction, cheque, etc. mid-November: RBI data
said. This has adversely impacted the BSBDA Reflecting the steady pace of banking
"On directions from the government, customers of SBI who, on the call of business, the credit rose by 6.97 per
SBI has returned just about Rs 90 the government and RBI, embraced cent in 12 months ended November 19,
crore, thereby withholding the bigger digital means of financial transactions. 2021, according to Reserve Bank of
India data.
chunk of at least Rs 164 crore with it-
self," said the report prepared by IIT- Loans worth Rs. 2.82 tril- The outstanding credit of commercial
Mumbai. lion sanctioned under banks stood at Rs 111.62 trillion, up
from Rs 10.4.34 trillion a year ago. The
It said that during April 2017 to Sep- ECLGS year-on-year growth in loans was 7.1
tember 2020, SBI had collected over As much as Rs 2.82 trillion of loans have per cent in 12 months ended Novem-
Rs 254 crore towards at least 14 crore been sanctioned under the Emergency ber 15, 2021. Bankers said this was the
UPI/ RuPay transactions by charging Rs Credit Line Guarantee Scheme (ECLGS) first fortnight after the peak of festi-
17.70 per transactions on BSBDA (Ba- as of November 19, MSME Minister val season.
sic Savings Bank Deposit Account) cus- Narayan Rane informed the Lok Sabha.
tomers under the Pradhan Mantri Jan The ECLGS is under the operational Yet credit off-take has not shown sticki-
Dhan Yojana (PMJDY). domain of the Ministry of Finance, De- ness. Besides, economic upturn, banks
Queries sent to the country's largest partment of Financial Services (DFS). credit outreach across branch network
over last months has helped to main-
lender on return of charges levied on "As informed by DFS, as on November tain momentum.
debit transactions done by such ac- 19, 2021, Rs 2.82 trillion of loans have
count holders during the said period of been sanctioned under the scheme," he China to cut reserve ratio
33 months did not elicit any response. said in a written reply.
Since June 1, 2017, unlike any other The existing overall guarantee limit for banks
bank in India, the report said, SBI under the ECLGS has been enhanced China's central bank said it would cut

BANKING FINANCE | JANUARY | 2022 | 5