Union Minister of State for Finance, Bhagwat Kisanrao Karad, announced the commencement of the "100 Days 100 Pays" campaign by RBI. The campaign's objective is to help banks locate and settle the top 100 unclaimed deposits in every district of the country within a 100-day period, running from 1st September 2023 to 8th September 2023.
According to the minister, Indian banks have been allocated ₹5,729 crore from the "Depositor Education and Awareness" (DEA) Fund. This financial provision aims to facilitate the repayment of unclaimed deposits, benefiting depositors who may have overlooked or forgotten about their accounts.
In response to a question in Lok Sabha, Minister Bhagwat Kisanrao Karad provided written details about the successful efforts made over the past five years to reunite unclaimed deposits with their rightful owners or claimants. This endeavor has led to a significant transfer of ₹5,729 crore from the DEA Fund to various banks.
The minister further outlined the proactive measures undertaken by the RBI to effectively reduce the number of unclaimed deposits and ensure their rightful restoration. One such measure is the directive given to banks to publicly display lists of inactive or inoperative unclaimed deposits that have remained untouched for a period of ten years or more. This step is aimed at facilitating the location of the rightful owners or claimants. Additionally, banks are encouraged to actively track down customers and their legal heirs to facilitate the proper return of unclaimed deposits.
To streamline the process, banks are also required to create board-approved policies for the classification of unclaimed deposits. Furthermore, they must establish efficient grievance redressal mechanisms to swiftly address any complaints related to unclaimed deposits. Adequate record-keeping and periodic reviews of unclaimed deposit accounts are also mandated to ensure transparency and accountability.
The minister revealed that the RBI plans to establish a centralized web portal, allowing the public to search for unclaimed deposits across various banks.
Additionally, Minister Karad informed that the RBI has initiated the "100 Days 100 Pays" campaign. The objective of this campaign is for banks to locate and settle the top 100 unclaimed deposits of each bank in every district of the country within a 100-day timeframe, starting from 1st September 2023 to 8th September 2023.
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