Yes, Sidharth is correct. The absolute value of a number is the distance of that number from zero on the number line, regardless of the direction.
In this case, the balance of his checking account is -163 dollars. The absolute value of -163 is calculated as:
\[ |-163| = 163 \]
This means Sidharth effectively owes the bank 163 dollars, because a negative balance indicates that he has overdrawn his account by that amount. Therefore, he correctly concludes that he owes the bank 163 dollars.