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Deposits and advances of PSBs grew by 15.8% in FY23
Photo courtesy: Pixabay

Deposits and advances of PSBs grew by 15.8% in FY23

| @indiablooms | 02 Aug 2023, 12:00 am

New Delhi: The growth of deposits and advances of PSBs has improved from 8.2% and 9.8% in FY2021-22 to 9.3% and 15.8% in FY2022-23.

Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in written reply to a question in Rajya Sabha today.

The Minister stated that as per the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and 1980, and the State Bank of India Act, 1955, the general superintendence, direction, and management of the affairs and business of the PSBs vests in its Board.

Giving more information, the minister stated that as per inputs received from PSBs, several steps have been taken by them to address the rising competition in the deposits segment, enhance their ability to generate high-yield advances and strengthen their CASA acquisition, increase coverage of early warning signals and identify high-risk borrowers, and improve operational efficiency and customer experience.

The PSBs undertake continuous product innovation and segment-specific product offerings using analytics to drive customer retention.

New customers are being onboarded by leveraging technology, like the use of Video KYC, and digital KYC verification.

With the strategic approach for retention of existing deposits and new deposit acquisition and digitally-enabled customer offerings

Use of mobile and Internet banking to increase the average number of services offered and customer-friendly features, and regional languages available on the customer interface

Large PSBs focussed on customer-need-driven, analytics-based credit offers and enablement of digital retail loan request initiation through digital channels.

The banks instituted comprehensive and automated Early Warning Systems (EWS), with nearly 80 EWS triggers and the use of third-party data for time-bound remedial actions;

The PSB implemented prediction models to identify potential NPAs and used modern technological capabilities, e.g. Open API, AI, blockchain, analytics, etc.

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