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Thursday, February 22, 2024

RBI enables a common portal for checking unclaimed money lying across banks

Reserve Bank of India (RBI) has decided to enable a common portal for checking unclaimed money lying across all banks. Currently, if someone wants to find out if they have any unclaimed money, they have to check on each bank’s website individually by entering their name, address, pin code, or phone number. However, the common portal will now allow individuals to check for any unclaimed amounts across all banks in one go, making the process more efficient and convenient.

As per a recent statement made in Parliament, public sector banks have transferred unclaimed deposits of approximately Rs 35,000 crore to the RBI. These deposits, associated with 10.24 crore accounts that had been inactive for 10 years or more, were transferred to the RBI’s Depositor Education and Awareness (DEA) Fund as of the end of February 2023. It is important to note that the unclaimed money earns interest at rates specified by the RBI, not at the rate at which the deposit was made.

To reclaim the unclaimed amount, if the name exists on the list, the individual needs to contact the Home Branch and fill out a claim form, provide deposit receipts, and furnish Know Your Customer (KYC) documents. In case the individual is a legal heir or nominee, a copy of the account holder’s death certificate is also needed to be provided to the bank. The bank will then verify the authenticity of the claim before releasing the payment. Once the bank has paid the customer, it will submit a claim to the RBI at the end of the month to receive a refund from the DEA fund.

The new common portal will make it easier for individuals to check if they have any unclaimed amounts across all banks. Moreover, RBI Governor Shaktikanta Das has announced that the central bank has decided to enable a portal to check unclaimed money lying across banks, which will further streamline the process. This move will ensure that individuals can claim their unclaimed money without any hassle.

In addition to this, the monetary policy committee has decided to keep the repo rate unchanged at 6.5 per cent, with the readiness to act should the situation so warrant. Since May last year, the central bank has increased the rate by 250 basis points over inflation concerns.

The RBI’s decision to enable a common portal for checking unclaimed money lying across all banks is a step in the right direction. This move will help individuals to claim their unclaimed amounts without any hassle, and it will also ensure that banks are held accountable for unclaimed deposits. Moreover, the RBI’s decision to keep the repo rate unchanged indicates the central bank’s commitment to maintaining a stable economic environment.

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