RBI to set up portal to search across multiple banks for unclaimed deposits

RBI to set up portal to search across multiple banks for unclaimed deposits

Subject : Economy

Section: Monetary Policy

What is the news?

The Reserve Bank of India (RBI) has decided to develop a centralised web portal for public to enable search across multiple banks for possible unclaimed deposits based on user inputs.

How will it happen?

The search results will be enhanced by use of certain artificial intelligence (AI) tools.

What happens to unclaimed deposits now?

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.

How much unclaimed deposits at present?

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

Currently, deposits remaining unclaimed for 10 years in a bank are transferred to the Depositor Education and Awareness (DEA) Fund maintained by RBI.