The twenty seventh assembly of the FSDC was attended by all monetary sector regulators, together with RBI Governor Shaktikanta Das. (Representative picture)
About Rs 35,000 crore unclaimed deposits as of February 2023 had been transferred to the Reserve Bank by public sector banks.
High-powered Financial Stability and Development Council (FSDC) headed by Finance Minister Nirmala Sitharaman on Monday underlined the necessity of launching a drive to assist individuals get their unclaimed deposits in banks and different monetary establishments.
Briefing reporters in regards to the discussions within the assembly, Economic Affairs Secretary Ajay Seth additionally mentioned there isn’t any spillover impact of the failure of American banks on the Indian monetary system, which is “properly protected”.
The 27th meeting of the FSDC was attended by all financial sector regulators, including RBI Governor Shaktikanta Das.
The secretary also said there was a view that the government should expedite the required legislative changes to give effect to the proposals announced in the Union Budget.
On the unclaimed deposits matter, Seth said the FSDC was of the view that a drive should be undertaken to ensure people get their unclaimed deposits lying with financial institutions.
About Rs 35,000 crore unclaimed deposits as of February 2023 were transferred to the Reserve Bank by public sector banks (PSBs) in respect of deposits, which have not been operated for 10 years or more.
These unclaimed deposits belong to 10.24 crore accounts transferred to the RBI as of the end of February 2023.
Last month, the Reserve Bank Governor said that a centralised portal would be ready in three to four months wherein depositors and beneficiaries can access details of unclaimed deposits across various banks.
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(This story has not been edited by News18 workers and is printed from a syndicated information company feed)
