Unclaimed deposits with banks rise 26% to Rs 78,213 crore: RBI

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NEW DELHI: The Reserve Bank of India’s Annual Report, launched on Thursday, revealed that unclaimed deposits in banks have surged by 26% year-on-year, reaching Rs 78,213 crore by the top of March 2024 from Rs 62,225 crore reported a yr in the past.
Banks, together with cooperative banks, are required to switch unclaimed deposits of account holders which have remained dormant for 10 years or extra to the RBI‘s Depositor Education and Awareness (DEA) Fund.
The central financial institution, earlier this yr, issued intensive directions in an effort to help account holders and streamline the prevailing tips on inoperative accounts. These tips cowl numerous elements of classifying accounts and deposits as inoperative or unclaimed, in addition to measures to be carried out by banks.
The RBI suggested banks to conduct periodic critiques of such accounts, implement measures to stop fraud, set up grievance redress mechanisms for swift criticism decision, and take steps to hint prospects of inoperative accounts or unclaimed deposits, together with their nominees or authorized heirs, for account reactivation, declare settlement, or closure.
These directions have been anticipated to complement the present initiatives taken by banks and the Reserve Bank to lower the quantity of unclaimed deposits inside the banking system and return such deposits to their rightful homeowners/ claimants.
The up to date directions, which got here into impact on April 1, 2024, are relevant to all business banks (together with Regional Rural Banks) and all cooperative banks.
To make it simpler for depositors to seek for unclaimed deposits throughout a number of banks in a single centralized location, the Reserve Bank developed an internet portal referred to as UDGAM – Unclaimed Deposits Gateway to Access inforMation.


Nilesh Desai
Nilesh Desaihttps://www.TheNileshDesai.com
The Hindu Patrika is founded in 2016 by Mr. Nilesh Desai. This website is providing news and information mainly related to Hinduism. We appreciate if you send News, information or suggestion.

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