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

The Reserve Bank of India (RBI) has announced to set up a centralised portal to access details of unclaimed deposits by depositors or their beneficiaries across various banks. About US$ 4.23 billion (Rs. 35,000 crore) unclaimed deposits as of February, 2023 were transferred to RBI by public sector banks (PSBs) in respect of deposits which were not operated for 10 years or more.

The public sector banks (PSBs) transferred unclaimed assets totalling about US$ 4.23 billion (Rs. 35,000 crore) to the RBI in February, 2023 for deposits that were not operational for at least ten years.

Mr. Shaktikanta Das, the Governor of RBI remarked that it has been decided to develop a web portal to improve and widen the access of depositors or beneficiaries, which would enable to search across multiple banks for possible unclaimed deposits.

The list of unclaimed deposits is led by the State Bank of India worth US$ 979.4 million (Rs. 8,086 crore), which is followed by Punjab National Bank US$ 646.8 million (Rs. 5,340 crore), Canara Bank US$ 552.1 million (Rs. 4,558 crore), and Bank of Baroda US$ 472.9 million (Rs. 3,904 crore).

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.