Page 7 - Banking Finance July 2023

BANK UPDATE

Hamirpur, Kangra, Mandi, Sirmour, chandise exports at USD 116.7 billion value terms over May 2022. The trans-
Solan, and Una, the release said. in the year-ago period, as per official action count was nearly 10% higher
data. than the 30.5 crore transaction in April
These households have stopped farm-
2023. This also reflects the increased
ing or have reduced their farming ar- India's exports could be shadowed by
highway traffic during the holidays.
eas because of a lack of irrigation fa- a continued slowdown in select major
cilities and crop damage by wild and trade partners including advanced
stray animals, it said. economies, global financial sector Half of Rs.2000 notes back
stress, high inflationary pressures lead-
The project will improve on-farm irri- in banking system
ing to tighter global monetary and fi-
gation and water management in
RBI governor Shaktikanta Das said that
nancial conditions, and continued un-
about 6,000 hectares of farmland by the recent decision to recall Rs 2,000
certainty around the Russia-Ukraine
rehabilitating or building new irrigation
denomination notes has resulted in the
conflict, the Exim Bank said.
schemes and strengthening the capac-
return of nearly half of such notes to
ity of WUAs for micro-irrigation man- The bank said the non-oil exports are
banks.
agement through joint efforts from the forecast to amount to USD 86.6 billion
About Rs 1. 8 lakh crore worth of Rs
state's Jal Shakti Vibhag (Water Re- in the first quarter of the new fiscal
2,000 notes have been returned, ac-
sources Department) and Department year.
counting for nearly 50% of the cur-
of Horticulture (DOH), it said.
It said exports have displayed resilience
rency in circulation as of March 31,
amidst a challenging global economic
Das said. While the governor did not
Nabard plans to raise up situation, plagued by supply chain dis-
provide an exact breakdown of how
to Rs. 2,000 crore via 3- ruptions and geo-political tensions, and many notes were exchanged, he esti-
have consistently remained above USD mated that roughly 85% of the re-
year bonds 100 billion for seven consecutive quar- turned notes were deposited. "This is
NABARD plans to raise at least 20 bil- ters since Q2 FY22. more or less in line with our expecta-
lion rupees ($242.6 million) through
The city-headquartered policy bank tions," said Das.
bonds maturing in three years and four
has developed an in-house model to
months, three bankers said.
generate an Export Leading Index (ELI) Rising frauds in digital pay-
The state-run company has invited bids for India to track and forecast the
ments
from investors and bankers between movement in India's exports on a quar-
Banks have witnessed maximum num-
10:30 a.m. IST and 11:30 a.m. IST on terly basis.
ber of frauds in digital payment cat-
the National Stock Exchange's elec-
tronic bidding platform. UPI monthly payments egory during the fiscal ended 2023-24,
according to the RBI annual report
In May, NABARD raised 49.29 billion reaches to 900 crore mark
2022-23.
rupees via bonds maturing in three
UPI transactions crossed the 900-crore
years, three months and 19 days at a In FY2023, the total number of fraud
mark for the first time in May 2023.
cases in the banking system were
7.50% coupon.
According to NPCI data, transactions
13,530. Of this almost 49 per cent or
in May stood at 941 crores, a year-on-
6,659 cases were in the digital pay-
Exim Bank sees merchan- year growth of 58%. UPI transactions
ment - card/internet - category.
dise exports at $111.7 bil- were up 5.8% higher than 890 crores
in April 2023. In value terms, transac- In the last two years, the highest num-
lion in Apr-Jun tions for May stood at Rs. 14.9 lakh ber of fraud cases were in loan portfo-
lios of banks.
The Export Import (Exim) Bank India crore - a 43% increase year on year
said the country's merchandise exports and a 5.8% increase over Rs.14-lakh- There was a 49 per cent reduction in
are set to fall to USD 111.7 billion for crore payments in April 2023. the amount involved in the total frauds
the April-June period amid continuing reported during FY2023 over FY2022.
Meanwhile, Fastag transactions rose to
global volatilities.
33.5 crore (worth Rs 5,437 crore), an In terms of value, banks reported
The country had reported overall mer- increase of 17% in volume and 24% in frauds primarily (Rs 28,792 crore) in
BANKING FINANCE | JULY | 2023 | 7