The Reserve Bank of India (RBI) has recently announced the launch of a centralised portal to access details of unclaimed deposits by depositors or their beneficiaries across various banks. This move is aimed at improving and widening the access of depositors or beneficiaries to their unclaimed deposits.
The centralised portal will enable search across multiple banks for possible unclaimed deposits. RBI Governor Shaktikanta Das made this announcement while announcing the first bi-monthly monetary policy for the current financial year 2023-24.
Unclaimed deposits transferred to RBI
As of February 2023, about Rs 35,000 crore unclaimed deposits were transferred to RBI by public sector banks (PSBs) in respect of deposits which were not operated for 10 years or more. These unclaimed deposits are either those of the depositors who have died and their heirs or those of the depositors who have forgotten or lost their deposits.
Improved access for depositors or beneficiaries
The centralised portal will provide depositors or their beneficiaries with easy access to information about their unclaimed deposits. They can easily search for their unclaimed deposits across multiple banks through this portal. This move is expected to increase transparency and accountability, and ensure that depositors or beneficiaries get their rightful deposits.
Benefits of the centralised portal
The centralised portal will provide numerous benefits to depositors or beneficiaries. Here are some of the key benefits:
i) Single access point: The centralised portal will serve as a single access point for depositors or beneficiaries to search for their unclaimed deposits across multiple banks. They will no longer have to search for their deposits in each bank separately.
ii) Improved transparency: The portal will improve transparency by providing depositors or beneficiaries with accurate and up-to-date information about their unclaimed deposits.
iii) Easy access: The centralised portal will make it easy for depositors or beneficiaries to access information about their unclaimed deposits from anywhere, at any time.
iv) Quick resolution: The portal will enable quick resolution of unclaimed deposits by providing depositors or beneficiaries with easy access to information and facilitating the process of claiming their deposits.
Conclusion
The launch of the centralised portal by RBI is a welcome move that will benefit depositors or their beneficiaries across the country. The portal will provide them with easy access to information about their unclaimed deposits and enable quick resolution of their claims. This move is expected to increase transparency and accountability and ensure that depositors or beneficiaries get their rightful deposits.
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Nice step for citizen of india. RBI should also work on private banks, debentures, shares and bonds.