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Business News›Wealth›Save›RBI to develop online portal for unclaimed deposits of
all banks



THE ECONOMIC TIMES DAILY NEWSPAPER IS AVAILABLE ONLINE NOW.

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RBI TO DEVELOP ONLINE PORTAL FOR UNCLAIMED DEPOSITS OF ALL BANKS

SECTIONS
RBI to develop online portal for unclaimed deposits of all banks
By
Sneha Kulkarni

, ET OnlineLast Updated: Apr 06, 2023, 04:56 PM IST
Synopsis


IN ORDER TO LOOK FOR UNCLAIMED DEPOSITS THAT ARE MORE THAN TEN YEARS OLD, THE
RESERVE BANK OF INDIA (RBI) HAS ANNOUNCED THE OF A NEW CENTRALISED WEB PLATFORM.


From web portal for unclaimed deposits to expanding the scope of UPI ; key
announcements from RBI
The Reserve Bank of India (RBI) has announced the development of a new
centralised web portal to search for unclaimed deposits that are older than 10
years. At present, bank customers have to go through websites of multiple banks
to claim these deposits.

This new web portal will help bank customers to find their unclaimed deposit at
a single point. "At present, the depositors or beneficiaries of unclaimed bank
deposits of 10 years or more have to go through the websites of multiple banks
to locate such deposits. Now, in order to improve and widen the access of
depositors / beneficiaries to information on such unclaimed deposits, it has
been decided to develop a web portal to enable search across multiple banks for
possible unclaimed deposits. This will help depositors/beneficiaries in getting
back unclaimed deposits," according to the RBI governor, Shaktikanta Das.

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"The deposits remaining unclaimed for 10 years in a bank are transferred to the
“Depositor Education and Awareness” (DEA) Fund maintained by the Reserve Bank of
India. Depositors’ protection being an overarching objective, RBI has been
taking various measures to ensure that newer deposits do not turn unclaimed and
existing unclaimed deposits are returned to the rightful owners or beneficiaries
after following due procedure. On the second aspect, banks display the list of
unclaimed deposits on their website. In order to improve and widen the access of
depositors / beneficiaries to such data, RBI has decided to develop a web portal
to enable search across multiple banks for possible unclaimed deposits based on
user inputs. The search results will be enhanced by use of certain AI tools,"
according to the Statement on Developmental and Regulatory Policies.



What are unclaimed accounts?
A deposit is considered to be unclaimed if there has been no activity on it for
ten years or longer, such as a deposit of funds or a withdrawal from the
depositor.

The growing number of unclaimed deposits are primarily the result of depositors
failing to close their current or savings accounts when they no longer want to
use them or failing to notify banks of their desire to redeem matured fixed
deposits. There are also instances of accounts belonging to deceased depositors
when the nominees or legal heirs fail to lodge a claim against the bank or banks
in question.



“As per information available with the Reserve Bank of India (RBI), as at the
end of February 2023, the total amount of unclaimed deposits transferred to RBI
by Public Sector Banks (PSBs) in respect of deposits which have not been
operated for 10 years or more, was Rs 35,012 crore,” Minister of State in the
Finance Ministry Bhagwat Karad said in a written response. according to PTI.



State Bank of India (SBI) leads the ranking with Rs 8,086 crore in unclaimed
deposits, followed by Punjab National Bank (Rs 5,340 crore), Canara Bank (Rs
4,558 crore), and Bank of Baroda (Rs 3,904 crore), according to the PTI news
report.




Karad said "Settlement of account (s) of deceased constituent are taken up on
priority by SBI. SBI staff has been sensitised and instructions are reiterated
in all forums of banks at regular frequency," he said.

The details/procedure of settling claims without legal representation in regard
to account(s) of deceased constituents, the specimen of mandated forms, as well
as revised FAQs for easy understanding, have been put on SBI's website, for the
convenience of SBI customers, according to PTI.

The response stated that each application for the settlement of a deceased
constituent's account received at the SBI branch is duly acknowledged, as per
the PTI.

Additionally, it stated, banks have been encouraged to think about starting a
special drive to track down customers or legal heirs in relation to accounts
that have become inoperative, or where there have been no transactions for at
least two years.

"Further, it said, banks are required to display the list of unclaimed
deposits/inoperative accounts which are inactive / inoperative for ten years or
more on their respective websites, with the list containing the names and
addresses of the account holder(s) in respect of unclaimed deposits/ inoperative
accounts," PTI stated.

Finally, it added, RBI has recommended banks to take a more proactive approach
to locating account holders whose accounts have been inactive.


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In Video: From web portal for unclaimed deposits to expanding the scope of UPI ;
key announcements from RBI





READ MORE NEWS ON

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