MUMBAI: The Reserve Bank of India (RBI) on Friday announced to launch ‘100 Days 100 Pays’ campaign, under which banks will trace and settle their top 100 unclaimed deposits in every district of the country.
The campaign is part of the government’s ongoing efforts to reduce the quantum of unclaimed deposits in the country. Total unclaimed deposits transferred to the RBI by public sector banks was `35,012 crore as of February 2023.
Balances in savings or current accounts, which are not operated for 10 years, or term deposits not claimed within 10 years from the date of maturity are classified as ‘Unclaimed Deposits’. The banks will commence the campaign on June 1. “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,” said the central bank 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 added.
The funds in unclaimed deposits are transferred by banks to the Depositor Education and Awareness (DEA) Fund maintained by the Reserve Bank of India.
The central bank has also announced recently the setting up of a centralised web portal for the public to search unclaimed deposits across multiple banks. The issues related to unclaimed deposits were also discussed during the meeting of the high-powered Financial Stability and Development Council (FSDC) headed by finance minister Nirmala Sitharaman earlier this week.
Reserve Bank cancels registration of 7 NBFCs
MUMBAI: The RBI on Friday said it has cancelled the registration of seven non-banking finance companies (NBFCs). The NBFCs whose certificate of registration was cancelled are Coorg Tea Company, Trimurthi Finvest, East West Finvest India, JV Modi Securities, K K Patel Finance, Purvi Finvest, and Genfin Capital. RBI said 14 NBFCs surrendered their licence because of exit from a business while two surrendered due to meeting the criteria prescribed for unregistered Core Investment Company (CIC) that do not require registration. ENS