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RBI announces a Central Portal to Check Unclaimed Money from Inoperative Bank Accounts

Posted Date : 07-Apr-2023 , 06:48:49 am | Posted By CASANSAAR print Print
The Reserve Bank of India (RBI) Governor Shaktikanta Das, who surprised everyone by holding interest rates, on April 6 also announced a centralised web portal for the public to search unclaimed deposits.

"At present, the depositors and beneficiaries of unclaimed bank deposits of 10 years or more have to go through the website of multiple banks to locate such deposits. Now, in order to improve and widen the access of depositors or beneficiaries to information on such unclaimed deposits it has been decided to develop a web portal. This will help depositors or beneficiaries to get their deposits back, " Das said while sharing the outcome of the first monetary policy committee meeting of the financial years 2023-24.

Recently, unclaimed deposits with banks fell to Rs 35,012 crore from Rs 48,262 crore a year ago, data made available by the government shows.

The total amount of unclaimed deposits transferred to the Reserve Bank of India (RBI) by public sector banks (PSBs) in respect of deposits no operated for 10 years or more was Rs 35,012 crore till February 2023 as against Rs 48,262 in March 2022, minister of state for finance Bhagwat Karad said in a written reply to Parliament.

An unclaimed deposit is an account that does not see any infusion or withdrawal of funds or similar activities by a depositor for 10 years or more and is deemed inactive.

Category : Income Tax | Comments : 0 | Hits : 1506

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