RBI Governor Shaktikanta Das on Thursday announced a centralised web portal for the public to search their unclaimed deposits. According to official data, the total unclaimed deposits with banks currently stand at Rs 35,012 crore, lower as compared with Rs 48,262 crore a year ago.
“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,” the RBI governor said, while also announcing monetary policy on Thursday keeping the repo rate unchanged.
He added that this will help depositors/beneficiaries in getting back unclaimed deposits.
An unclaimed deposit is an account that does not see any infusion or withdrawal of funds or similar activities by a depositor for 10 years or more and is deemed inactive.
Sumit Chanda, founder and CEO of JARVIS Invest, said, “On the technology front, we continue to believe in the increasing importance and use of AI across industries and financial systems. The 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. This further amplifies the various use cases of AI in financial systems and powering customer experience.”
The total amount of unclaimed deposits transferred to the RBI by public sector banks (PSBs) in respect of deposits not operated for 10 years or more was Rs 35,012 crore till February 2023 as against Rs 48,262 in March 2022, Minister of State for Finance Bhagwat Karad has said in a written reply to Parliament.
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