The Reserve Bank of India (RBI) has revealed plans to establish a centralised portal to facilitate access to information regarding unclaimed deposits by depositors or their beneficiaries across various banks, as reported by PTI.
This move comes after approximately ₹35,000 crore worth of unclaimed deposits as of February 2023 was transferred to the RBI by public sector banks (PSBs).
These deposits had not been operated for 10 years or more, prompting the RBI to take action to address the issue of unclaimed funds.
In order to improve and widen the access of depositors or beneficiaries, it has been decided to develop a web portal to enable search across multiple banks for possible unclaimed deposits, RBI Governor Shaktikanta Das said while announcing the first bi-monthly monetary policy for the current financial year 2023-24.
State Bank of India (SBI) tops the chart of unclaimed deposits worth ₹8,086 crore followed by Punjab National Bank ₹5,340 crore, Canara Bank ₹4,558 crore and Bank of Baroda ₹3,904 crore.
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