An unclaimed deposit is an account that doesn’t see any infusion or withdrawal of funds or related actions by a depositor for 10 years or extra and is deemed inactive. (Representative picture)
Currently, the depositors or beneficiaries of unclaimed financial institution deposits of 10 years or extra need to undergo the web sites of a number of banks to find such deposits
RBI Governor Shaktikanta Das on Thursday introduced a centralised net portal for the general public to go looking their unclaimed deposits. According to official knowledge, the overall unclaimed deposits with banks presently stand at Rs 35,012 crore, decrease as in contrast with Rs 48,262 crore a 12 months in the past.
“At current, the depositors or beneficiaries of unclaimed financial institution deposits of 10 years or extra need to undergo the web sites of a number of banks to find such deposits. Now, in an effort to enhance and widen the entry of depositors/ beneficiaries to data on such unclaimed deposits, it has been determined to develop an online portal to allow search throughout a number of banks for attainable unclaimed deposits,” the RBI governor said, while also announcing monetary policy on Thursday keeping the repo rate unchanged.
He added that this will help depositors/beneficiaries in getting back unclaimed deposits.
An unclaimed deposit is an account that does not see any infusion or withdrawal of funds or similar activities by a depositor for 10 years or more and is deemed inactive.
Sumit Chanda, founder and CEO of JARVIS Invest, said, “On the technology front, we continue to believe in the increasing importance and use of AI across industries and financial systems. The RBI has decided to develop a web portal to enable search across multiple banks for possible unclaimed deposits based on user inputs. The search results will be enhanced by use of certain AI tools. This further amplifies the various use cases of AI in financial systems and powering customer experience.”
The complete quantity of unclaimed deposits transferred to the RBI by public sector banks (PSBs) in respect of deposits not operated for 10 years or extra was Rs 35,012 crore until February 2023 as towards Rs 48,262 in March 2022, Minister of State for Finance Bhagwat Karad has stated in a written reply to Parliament.
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