“RBI Reveals Surge in Unclaimed Deposits, Initiates Retrieval Action”
In a concerning revelation, the Reserve Bank of India (RBI) has disclosed a staggering 28% surge in unclaimed deposits within Indian banks during the fiscal year. As of March 2023, these dormant funds have amassed to a monumental ₹42,270 crore, marking a substantial increase from the previous year’s ₹32,934 crore.
In a concerning revelation, the Reserve Bank of India (RBI) has disclosed a staggering 28% surge in unclaimed deposits within Indian banks during the fiscal year. As of March 2023, these dormant funds have amassed to a monumental ₹42,270 crore, marking a substantial increase from the previous year’s ₹32,934 crore.
During the ongoing Winter Session, the Parliament was apprised of this alarming escalation in unclaimed deposits. The data provided highlighted a significant disparity between public and private sector banks, with approximately ₹36,185 crore resting within public sector banks, while ₹6,087 crore lingered in private sector institutions.
Unclaimed deposits, as elucidated by the RBI, encompass balances residing in idle savings or current accounts that have remained inactive for a decade or more following their maturity date. Per RBI directives, banks are mandated to exhibit lists of such unclaimed deposits on their websites, particularly those inactive for a decade or longer, in a concerted effort to locate the customers or legal heirs of deceased account holders. The ultimate objective remains the rightful restoration of these funds to their legitimate claimants.
The RBI has instituted several initiatives to tackle this burgeoning issue. Among them is the establishment of the Depositor Education and Awareness (DEA) Fund, into which unclaimed deposits lying dormant for over a decade are directed. Concurrently, the apex bank has introduced the Unclaimed Deposits Gateway to Access Information (UDGAM), a centralized web platform aimed at facilitating the search for unclaimed deposits across various banks and tracing the original account holders.
In a bid to expedite the return of these funds, the RBI launched the ‘100 Days 100 Pays’ campaign. This initiative targeted 31 major banks, encompassing over 90% of unclaimed deposit balances within the DEA Fund. The concerted efforts of this campaign resulted in a commendable refund of ₹1,432.68 crore to rightful claimants.
While the RBI remains committed to reducing the burgeoning amount of unclaimed deposits every year, this substantial increase underscores the need for heightened awareness among banking consumers regarding the status of their dormant accounts. The central bank continues to advocate proactive measures by both financial institutions and customers to ensure the rightful retrieval of these unclaimed funds.
The disclosure of this escalating figure during the parliamentary session has ignited discussions on bolstering measures to streamline the retrieval process and prevent the accumulation of dormant funds in banking systems. The RBI affirms its dedication to mitigating this issue and fostering increased awareness to facilitate the rightful return of unclaimed deposits to their rightful owners.
Sources By Agencies
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