An unclaimed deposit is an account in which no investment or withdrawal of funds or similar activities has been observed by the depositor for 10 years or more and is considered inoperative. (Representational image)
At present, depositors or beneficiaries of unclaimed bank deposits of 10 years or more have to go through the websites of several banks to locate such deposits.
RBI Governor Shaktikanta Das on Thursday announced a centralized web portal for the public to search for their unclaimed deposits. According to official data, the total unclaimed deposits with banks currently stand at Rs 35,012 crore, lower than Rs 48,262 crore a year ago.
“At present, depositors or beneficiaries of unclaimed bank deposits of 10 years or more have to go through the websites of several banks to locate such deposits. Now, in order to improve and widen the access of depositors/beneficiaries to information on such unclaimed deposits, it has been decided to develop a web portal to search multiple banks for potential unclaimed deposits. Can be done.” On Thursday, the monetary policy did not make any change in the repo rate.
He said that this would help the depositors/beneficiaries to get back the unclaimed deposits.
An unclaimed deposit is an account in which no investment or withdrawal of funds or similar activities has been observed by the depositor for 10 years or more and is considered inoperative.
Sumit Chanda, Founder and CEO, Jarvis Invest, said, “On the technology front, we continue to believe in the growing importance and use of AI across industries and financial systems. The Reserve Bank of India has decided to develop a web portal to search across multiple banks for possible unclaimed deposits based on user input. Search results will be enhanced by the use of some AI tools. This further enhances the various use cases of AI in financial systems and empowers the customer experience.”
The total amount of unclaimed deposits transferred to RBI in respect of deposits not operated by public sector banks (PSBs) for 10 years or more was Rs 35,012 crore by February 2023 as against Rs 48,262 in March 2022, states Finance Minister Bhagwat Karad said in a written reply to Parliament.
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