The Finance Ministry today advised

PSBs to leverage their Banking

Correspondents network for
outreach and enrolling of potential
beneficiaries in various financial
inclusion and social security
schemes such as Pradhan Mantri
Jeevan Jyoti Bima Yojana (PMJJBY)
and Pradhan Mantri Suraksha Bima
Yojana (PMSBY). At a review
meeting chaired by the Department
of Financial Services (DFS) Secretary
Vivek Joshi with chief executives of
PSBs, the progress under various
social security (Jan Suraksha)
schemes, including PMJDY, Atal
Pension Yojana (APY), Pradhan
Mantri MUDRA Yojana, Stand Up
India and PMSVANidhi were
reviewed.
-Business Line

The disbursements of small

business loans under Pradhan
Mantri Mudra Yojana (PMMY)
registered an all time high at
₹4.46-lakh crore in the financial
year ended March 31, 2023. This
was a 34.7% growth over the
previous year’s ₹3.31- lakh crore, as
per the latest data of Mudra, a
senior Mudra official told.
-Business Line

SBI is planning to replace over half

of its ATMs/ADWMs (Automated
Teller Machine/ Automated Deposit
cum Withdrawal Machine) in the
next 3 years and expand its
Business Correspondent network
by 30,000 in FY24 to reduce the
footfall at branches and free the
manpower for sales and marketing,
Dinesh Kumar Khara, Chairman, SBI
said. Currently, about 97% of the
Bank’s transactions are through
alternative delivery channels,
including digital means (comprising
internet, mobile, UPI & mobile
banking app YONO, and Green
Channel Counter at branches),
ATMs/ADWMs, and BC channel.
-Business Line

Chennai Metro Rail Ltd today

launched the Singara Chennai Card
(NCMC – National Common
Mobility Card) in association with
SBI (banking partner). Currently,
the Singara Chennai cards can be
used in Chennai metro stations, and
at other metros that accept RuPay
NCMC cards, including the MMRDA
Mumbai Line 2A & 7; Bangalore
Metro; Delhi Metro Airport Line;
Kanpur Metro; and for BEST Buses
in Mumbai and Kadamba Transport
Buses in Goa.
-Business Line

With most non-bankers reaching

the maximum funding cap from
banks, their projected 16% loan
growth may be impacted, leading to
margin compression for the sector
this fiscal, according to India Rating
report.
-Economic Times

YES Bank has become the first

Indian Co to have over 50 lakh
shareholders, according to the
shareholding pattern of the bank on
March-end. Tata Power was a far
second with 38.5 lakh shareholders,
followed by RIL with 33.6 lakh
shareholders, according to the
December 2022 shareholding
disclosures. The Yes Bank had 50.6
lakh shareholders as of March 31,
2023, all of whom were public
shareholders.
-Business Line

In a U-turn, Google has withdrawn

its appeal before the Supreme
Court against an NCLAT decision of
January this year denying interim
relief to the big tech in the form of
a stay on the ₹936 crore penalty
imposed by the CCI in its October 25
ruling in the Google Play Store
policy case. This Google appeal was
to be heard by the Apex Court on
April 17, but now the big tech has
withdrawn the appeal, sources
familiar with the development said.
-Business Line

India's forex reserves jumped by

USD 6.3 billion to USD 584. 755
billion for the week ended April 7,
the RBI said today. Foreign
Currency Assets increased by USD
4.740 billion to USD 514.431 billion.
-Economic Times

India's currency, debt and equity

markets, including BSE and NSE are
closed today for Baba Saheb
Ambedkar Jayanti. The markets will
resume trading on Monday, April
17.
-Business Line

-14-04-2023

(Compiled by Canara Bank Officers'

Union- Team Kerala- affiliated to All
India Bank Officers' Association)