The Reserve Bank on Thursday stated a centralised portal will likely be developed to entry particulars of unclaimed deposits by depositors or their beneficiaries throughout varied banks.
About Rs 35,000 crore unclaimed deposits as of February 2023 had been transferred to RBI by public sector banks (PSBs) in respect of deposits which weren’t operated for 10 years or extra.
“In order to improve and widen the access of depositors/beneficiaries to such data, RBI has decided to develop a web portal to enable search across multiple banks for possible unclaimed deposits based on user inputs,” RBI Governor Shaktikanta Das stated whereas saying the primary bi-monthly financial coverage for present monetary yr.
The search outcomes will likely be enhanced by use of sure AI instruments, he stated.
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, Canara Bank Rs 4,558 crore and Bank of Baroda Rs 3,904 crore.
The deposits remaining unclaimed for 10 years in a financial institution are transferred to the ‘Depositor Education and Awareness’ (DEA) Fund maintained by the Reserve Bank of India (RBI).
Depositors’ safety being an overarching goal, RBI has been taking varied measures to be sure that newer deposits don’t flip unclaimed and current unclaimed deposits are returned to the rightful homeowners or beneficiaries after following due process, he stated.
On the second facet, he stated, banks show the record of unclaimed deposits on their web sites.
With the rise in buyer complaints relating to credit score info reporting and the functioning of credit score info firms (CICs), Das stated, it has been determined to put in place a complete framework for strengthening and enhancing the efficacy of the grievance redressal mechanism and customer support offered by credit score establishments (CIs) and CICs.
For this objective, he stated, CICs have been introduced below the aegis of the Reserve Bank Integrated Ombudsman Scheme (RB-IOS).
In addition, he stated, additionally it is proposed to put in place a compensation mechanism for delayed updation/rectification of credit score info; a provision for SMS/ e mail alerts to prospects when their credit score info are accessed from CICs; a timeframe for ingestion of information obtained by CICs from CIs; and disclosures relating to quantity and nature of buyer complaints obtained on the web site of CICs.
Detailed tips on this regard could be issued shortly, he stated.
Various entities are required to get hold of licences/authorization to perform actions regulated by RBI.
Further, regulated entities are required to search sure regulatory approvals from RBI below varied statutes/rules periodically.
Currently, the applying and approval processes for the identical happen in diversified on-line and offline modes.
The Union Budget for 2023-24 introduced the necessity to simplify, ease and cut back the price of compliance by monetary sector regulators inside laid down cut-off dates to determine the functions below varied rules, he stated.
“It has, therefore, been decided to develop a secured web-based centralised portal named as ‘PRAVAAH’ (Platform for Regulatory Application, Validation And Authorisation) which will gradually extend to all types of applications made to RBI across all functions,” he stated.
Banks in India which function International Financial Services Centre (IFSC) Banking Units (IBUs) had been permitted to transact in INR non-deliverable overseas alternate spinoff contracts (NDDCs) with non-residents and with one another with impact from June 1, 2020.
With a view to growing the onshore INR NDDC and offering residents with the pliability to effectively design their hedging programmes, it has been determined to allow banks with IBUs to provide INR NDDCs to resident customers within the onshore market, he stated.
“These banks will have the flexibility of settling their NDDC transactions with non-residents and with each other in foreign currency or in INR while transactions with residents will be mandatorily settled in INR. Related directions are being issued separately,” he stated.Â
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