RBI launches 100 day campaign to settle unclaimed deposits
The Reserve Bank of India (RBI) announced the start of the “100 Days 100 Pays” campaign on Friday. As part of this initiative, banks will locate and pay out their top 100 unclaimed deposits in each district of the nation.
The government’s continued attempts to lessen the amount of unclaimed deposits in the nation are included in the campaign. As of February 2023, public sector banks had sent the RBI a total of 35,012 crore in unclaimed deposits.
Unclaimed deposits are balances in savings or current accounts that have not been used for 10 years or term deposits that have not been repaid within 10 years of the maturity date. Beginning on June 1, the banks will launch the campaign. “This measure will complement the ongoing efforts and initiatives by the RBI to reduce the quantum of unclaimed deposits in the banking system and return such deposits to their rightful owners/claimants,” the central bank stated in a statement.
“The Reserve Bank, from time to time, through its public awareness initiatives, has been encouraging members of the public to identify and approach the bank concerned for claiming such deposits,” it continued.
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Banks transfer the proceeds from unclaimed deposits to the Reserve Bank of India’s Depositor Education and Awareness (DEA) Fund.
The establishment of a single web platform for the public to seek unclaimed deposits across several banks has also just been announced by the central bank. This week’s meeting of the powerful Financial Stability and Development Council (FSDC), chaired by the finance minister Nirmala Sitharaman, also covered concerns pertaining to unclaimed savings.
Reserve Bank cancels registration of 7 NBFCs
Seven non-banking financial companies (NBFCs) had their registrations revoked, the RBI announced on Friday. Coorg Tea Company, Trimurthi Finvest, East West Finvest India, JV Modi Securities, K K Patel Finance, Purvi Finvest, and Genfin Capital are among the NBFCs whose certificate of registration was revoked. According to the RBI, 14 NBFCs gave up their licences because they stopped operating, while two gave up because they satisfied the requirements for unregistered Core Investment Companies (CIC), which are exempt from registration.