The Government is getting ready to read the unclaimed funds that are stashed away in all the nation’s banks. In order to do this, the Reserve Bank has created its “Mahaplan,” according to which all banks in every district will be checked for Unclaimed Deposits, and those deposits will be paid out within 100 days. This program is known as “100 Din 100 Pay” (100 Days – 100 Pays) by the RBI. The unclaimed money will be given to them after the RBI determines the legitimate owner of these deposits. This will settle the unclaimed money that was put in the banks. Additionally, the number of unclaimed deposits held by such banks will decrease.
Unclaimed Account Definition
Let us explain that accounts in which there hasn’t been a transaction for at least ten years are known as unclaimed accounts, and the money that’s in them is known as an unclaimed amount. The bank views these accounts as inactive deposits if money is in them. You might be astonished to learn that Public Sector Banks have sent the Reserve Bank of India approximately 35000 crores in unclaimed funds. PSUs completed this significant transaction with the RBI in February of this year.
In order to distribute this money to those who are legally entitled to it,
the Government runs an effective awareness campaign on unclaimed deposit funds. This money is placed in the Unclaimed Deposit Depositor Education and Awareness Fund (DEAF) prior to the awareness camp. On the Finance Minister’s instructions, an effort is currently being done to rapidly resolve them.
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