May 29, 2024 05:46 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Rajkot fire: Gaming zone co-owner among those killed, police confirms today | Eyeing more seats in Bengal, PM Modi holds mega roadshow in north Kolkata | 'I am not against minorities but won't divide the country based on religion': PM Modi | Delhi LG VK Saxena takes swipe at Kejriwal over children's hospital fire, orders anti-corruption probe | Punjab minister Balkar Singh's obscene video surfaces, BJP calls AAP 'Anti Aurat Party'
Unclaimed deposits with banks rise 28% YoY to Rs 42,272 cr
Unclaimed deposits
Image Credit: Pixabay

Unclaimed deposits with banks rise 28% YoY to Rs 42,272 cr

| @indiablooms | 19 Dec 2023, 10:22 pm

New Delhi: There has been a significant 28 percent annual increase in unclaimed deposits held by banks, amounting to Rs 42,270 crore, the government informed the Parliament on Tuesday.

In the previous fiscal year (FY22), unclaimed deposits with public and private sector banks totalled Rs 32,934 crore.

The figure saw a substantial rise to Rs 42,272 crore by the end of March 2023, reflecting a 28 percent increase.

Of this total, Rs 36,185 crore in unclaimed deposits were held by public sector banks, while private sector banks held Rs 6,087 crore.

It's important to note that banks transfer unclaimed deposits of account holders inactive for 10 or more years to the RBI's Depositor Education and Awareness (DEA) Fund.

Minister of State for Finance Bhagwat K Karad stated in a written reply to Rajya Sabha that the RBI has implemented various measures to reduce the volume of unclaimed deposits and facilitate the return of such deposits to rightful claimants.

In line with RBI's directives, banks have been instructed to display the list of unclaimed deposits in accounts inactive for ten years or more on their websites.

The aim is to locate the customers or legal heirs, in the case of deceased account holders, to return unclaimed deposits to the rightful claimants.

Banks have also been directed by RBI to formulate a board-approved policy on the classification of unclaimed deposits, establish a grievance redressal mechanism for quick resolution of complaints, maintain proper record-keeping, and conduct periodic reviews of unclaimed deposit accounts.

RBI has set up a centralised web portal called Unclaimed Deposits Gateway to Access Information (UDGAM), allowing users to search for unclaimed deposits across multiple banks.

Furthermore, RBI has launched the '100 Days 100 Pays' campaign, urging banks to trace and settle the top 100 unclaimed deposits of every bank in each district within a 100-day timeframe, from June 1, 2023, to September 8, 2023.

At the end of the campaign, 31 major banks, constituting more than 90 percent of unclaimed deposit balances with the DEA Fund, refunded Rs 1,432.68 crore.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.