Recently, the RBI has additionally introduced the establishing of a centralised internet portal for public to look unclaimed deposits throughout a number of banks. (Representative picture)
State Bank of India (SBI) tops the chart of unclaimed deposits price Rs 8,086 crore adopted by Punjab National Bank Rs 5,340 crore
The Reserve Bank of India on Friday mentioned a particular 100 days marketing campaign might be launched underneath which banks hint and settle their high 100 deposits in each district of the nation.
The banks will start the marketing campaign from June 1, 2023.
Balances in financial savings/present accounts which aren’t operated for 10 years, or time period deposits not claimed inside 10 years from date of maturity are categorised as “unclaimed deposits“.
(SBI Tops In Unclaimed Deposits, PNB At Second; Rs 35,012 Cr Transferred By PSBs To RBI)
These quantities are transferred by banks to “Depositor Education and Awareness” (DEA) Fund maintained by the Reserve Bank of India.
“The Reserve Bank of India today announced a ‘100 Days 100 Pays’ campaign for banks to trace and settle the top 100 unclaimed deposits of every bank in every district of the country within 100 days,” the central financial institution mentioned in an announcement.
This measure, it added, will complement the continued efforts and initiatives by the Reserve Bank to scale back the quantum of unclaimed deposits within the banking system and return such deposits to their rightful house owners/claimants.
Recently, the RBI has additionally introduced the establishing of a centralised internet portal for public to look unclaimed deposits throughout a number of banks.
The Reserve Bank, every so often, by its public consciousness initiatives, has been encouraging members of public to establish and strategy the financial institution involved for claiming such deposits.
The unclaimed deposits are transferred by banks to “Depositor Education and Awareness” (DEA) Fund maintained by the central bank.
The issues related to unclaimed deposits were also discussed during the meeting of the high-powered Financial Stability and Development Council (FSDC) headed by finance minister Nirmala Sitharaman earlier this week.
Nirmala Sitharaman had underlined the need of launching a drive to help people get their unclaimed deposits in banks and other financial institutions.
About Rs 35,000 crore unclaimed deposits as of February 2023 were transferred to the Reserve Bank by public sector banks 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.
State Bank of India (SBI) tops the chart of unclaimed deposits worth Rs 8,086 crore followed by Punjab National Bank Rs 5,340 crore, Canara Bank Rs 4,558 crore and Bank of Baroda Rs 3,904 crore.
(With PTI inputs)
