RBI Tackles Unclaimed Deposits in India
The RBI has launched initiatives to address unclaimed deposits, which include savings, current accounts, and term deposits inactive for over ten years. Unclaimed deposits surged from ₹62,224.89 crore (2022-23) to ₹78,212.53 crore (2023-24). Measures like the UDGAM Portal (search tool for deposits) and the 100 Days 100 Pays campaign (district-focused claim resolution) expedite settlements. New rules for inactive accounts require annual reviews and customer notifications. The Banking Laws (Amendment) Bill, 2024 introduces up to four nominees for accounts. These steps aim to reduce unclaimed funds while enhancing depositor awareness and access.
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