The government and the Reserve Bank occasionally take significant action with reference to the banks. Currently, thousands of crores of rupees are lying in banks in a way that no one will take them. The Reserve Bank of India (RBI) announced that it will run a special campaign for 100 days in each district of the nation to settle the top 100 accounts with unclaimed deposits. The government & Banks will begin this campaign on June 1, 2023, according to a statement from the RBI.
A 100-day campaign will be run.
An unclaimed deposit is a sum that has been in bank accounts unclaimed for ten years. If these accounts go unclaimed for an extended period of time, banks transfer them to the Reserve Bank’s “Depositor Education and Awareness Fund.” In order to settle such accounts, all banks will identify 100 lead accounts in each district of the nation. For 100 days, this campaign will be active.
Announcement about creating a gateway
A consolidated site for the settling of unclaimed deposits was recently unveiled by RBI. Up till February 2023, public sector banks had remitted an unclaimed sum of nearly Rs 35,000 crore to the Reserve Bank. This sum was deposited into accounts that have not seen a transaction in at least 10 years. 10.24 crore accounts were connected to the unclaimed money.
How much is unclaimed money?
Information indicates that this sum belongs to persons who failed to notify banks to encash matured FDs or who failed to cancel their current or savings accounts. Depositors who have passed away and whose nominees or legal heirs have not brought a claim against the bank or banks. Only in this way are such people’s numbers stored in the banks.
This information was previously provided by the RBI,
which also stated last month that a consolidated gateway connected to this will be created in three to four months. Depositors and beneficiaries can use this to get out about unclaimed deposits that are located at various banks. All financial sector regulators, including RBI Governor Shaktikanta Das, attended the 27th meeting of the FSDC. After the budget for 2023–24 was presented, this was the FSDC’s first meeting.
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