RBI started 100 Days 100 Pays campaign, maximum unclaimed deposits with SBI
The Reserve Bank of India (RBI) has launched a 100-day campaign for early disposal of unclaimed deposits. The central bank has undertaken this drive to return unclaimed deposits in the bank to their rightful owners/claimants.
The Reserve Bank of India (RBI) today launched the '100 Days 100 Pays' campaign to trace and settle the top 100 unclaimed deposits of each bank in every district within 100 days.
RBI is undertaking this campaign to reduce the quantum of unclaimed deposits in the banking system and return such deposits to their rightful owners/claimants.
A deposit is considered unclaimed when there is no activity (deposit or withdrawal) on that deposit for 10 years or more.
Banks then transfer such deposits to the "Depositor Education and Awareness" (DEA) fund created by the RBI.
According to RBI, the increasing number of such unclaimed deposits is due to the non-closure of savings/current accounts that the depositor no longer wishes to operate. Apart from this, this also happens due to not claiming the matured FD.
RBI said that there have also been instances when after the death of a depositor, his nominee/legal heir does not come forward to claim the same with the concerned bank(s).
According to a written reply in Parliament by Minister of State for Finance Bhagwat Karad, public sector banks have transferred a total amount of Rs 35,012 crore to the RBI till February 2023.
Currently, the country's largest bank State Bank of India (SBI) has the highest number of unclaimed deposits. SBI has unclaimed deposits of Rs 8,086 crore. At number two is Punjab National Bank (PNB) with unclaimed deposits of Rs 5,340 crore.
It is followed by Canara Bank with Rs 4,558 crore and then Bank of Baroda with unclaimed deposits of Rs 3,904 crore.