Tatsat Chronicle Magazine

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Rs 24,356 crore unclaimed deposit lying with Scheduled Commercial Banks

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As per the Reserve Bank of India (RBI), the total amount of unclaimed deposits of Scheduled Commercial Banks (SCBs) was Rs. 24,356 crores, as of December 31, 2020. The Union Minister of State for Finance Dr Bhagwat Kisanrao Karad informed the Rajya Sabha. The Minister further informed stated that RBI has informed that unclaimed deposits have increased by Rs. 5,977 crores in the year 2020, as compared to the year 2019, on account of depositors not having claimed their deposits from banks. The RBI has advised banks to play a more proactive role in finding the whereabouts of the account holders of unclaimed deposits/ inoperative accounts.

The Minister further stated that pursuant to the amendment of the Banking Regulation Act, 1949, and insertion of section 26A, RBI has framed the Depositor Education and Awareness Fund (Fund) Scheme, 2014 (Scheme). The scheme has already been notified. As per the Scheme, the fund is utilized for the promotion of depositors’ interests and for such other purposes which may be necessary for the promotion of depositors’ interest as may be specified by RBI.

 

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