Unclaimed deposits with banks soar to ₹42,270 crore, up 28%
1 year ago

Unclaimed deposits with banks soar to ₹42,270 crore, up 28%

Live Mint  

The latest data unveiled in Parliament on December 19 indicates a significant surge of 28 percent in unclaimed deposits held by banks, reaching a total of ₹42,270 crore as of March 2023. Compared to the preceding financial year of FY22, where the unclaimed deposits with both public and private sector banks stood at ₹32,934 crore, the current figure represents a noteworthy increase to ₹42,272 crore by the end of March 2023, marking a 28 percent rise. Of the total unclaimed deposits, a substantial sum of ₹36,185 crore remained with public sector banks, while ₹6,087 crore was attributed to private sector banks by the end of March 2023. Under RBI's directives, banks are mandated to develop board-approved policies for handling unclaimed deposits, institute a grievance redressal mechanism for prompt issue resolution, maintain records, and regularly review unclaimed deposit accounts.

Crore Rbi Banks Unclaimed Deposits Unclaimed Deposits  gross  crore  100  28  soar  42270  unclaimed  total  banks  npas  deposits  rbis  sector

History of this topic

Unlocking Rs 1 lakh crore unclaimed bank deposit coffer
2 weeks, 1 day ago

Unlocking Rs 1 lakh crore unclaimed bank deposit coffer

New Indian Express  

MUMBAI: The Lok Sabha last week passed a slew of amendments to the banking laws, by bringing in as many as 19 amendments to the existing pieces of legislation governing the banking system, including that of the RBI Act. But of the 19 changes introduced, just two of them go a long way in the real service of the common …

RBI Directs Banks To Cut Down Inoperative Accounts, Submit Quarterly Reports
Trending News
2 weeks, 6 days ago

RBI Directs Banks To Cut Down Inoperative Accounts, Submit Quarterly Reports

ABP News  

The Reserve Bank of India urged banks on Monday to "urgently" take steps to reduce the number of inoperative or frozen accounts and report their numbers quarterly. The RBI urged banks to adopt an "empathetic view" in these situations and suggested that they organise special campaigns to help activate inoperative or frozen accounts. The RBI also noted that some banks …

RBI directs banks to urgently reduce inoperative accounts, report their numbers quarterly
3 weeks ago

RBI directs banks to urgently reduce inoperative accounts, report their numbers quarterly

India TV News  

The Reserve Bank of India has directed banks to take immediate action to reduce the number of inoperative or frozen accounts and report their status quarterly. Banks urged to prioritise customer convenience Asking banks to take an "empathetic view" in such cases, the notification said banks may also organise special campaigns for facilitating the activation of inoperative/frozen accounts. "Reportedly, there …

Rs 1 trillion stuck in inoperative accounts, RBI asks banks to monitor resolution
3 weeks, 1 day ago

Rs 1 trillion stuck in inoperative accounts, RBI asks banks to monitor resolution

New Indian Express  

MUMBAI: The Reserve Bank has prodded bankers to resolve the mounting issue of inoperative accounts and the huge amount of unclaimed deposits in them by asking lenders to monitor the resolution process at the board level. In a circular to all heads of banks Monday, the regulator advised banks to take necessary steps urgently to bring down the number of …

DICGC Launches Online Tool to Track Deposit Claims
3 months, 2 weeks ago

DICGC Launches Online Tool to Track Deposit Claims

Deccan Chronicle  

Mumbai: Now you can track the status of your deposit claims online. Government owned corporation that insures deposits in commercial and co-operative banks has launched an online tool Daava Soochak for depositors to track their claim status. "Depositors can now track the status of their claims by entering their mobile number on the DICGC website," said the Deposit Insurance and …

Banks must focus on core areas, use old ways to collect deposits: FM at RBI meet
4 months, 1 week ago

Banks must focus on core areas, use old ways to collect deposits: FM at RBI meet

Hindustan Times  

New Delhi: Finance minister Nirmala Sitharaman on Saturday asked banks to focus on their “core” areas of lending and deposit activities, expressing concern over slackness in the former, and urged them to strive an equilibrium between the two by adopting “old-fashioned” ways of collecting deposits through innovative and attractive schemes. Addressing reporters after the customary post-budget meeting with the central …

Business News Highlights: Sensex Settles 130 Points Up, Nifty At 22,550 Amid Volatility
6 months, 3 weeks ago

Business News Highlights: Sensex Settles 130 Points Up, Nifty At 22,550 Amid Volatility

ABP News  

Business News Highlights: Hello and welcome to ABP Live's Business LIVE blog. GIFT Nifty trends suggest a steady to slightly bullish opening for India's broader index, with a modest increase of 18.5 points or 0.08 per cent. In its annual report released on Thursday, the Reserve Bank of India forecasted a 7 per cent growth rate for the Indian economy …

RBI onboards more banks on UDGAM portal to help people search unclaimed deposits
1 year, 2 months ago

RBI onboards more banks on UDGAM portal to help people search unclaimed deposits

Deccan Chronicle  

Mumbai: The Reserve Bank of India on Friday said that as many as 30 banks have been on-boarded on the UDGAM portal to help the public search for unclaimed deposits. The search facility now covers around 90 per cent of such unclaimed deposits in Depositor Education and Awareness Fund, the central bank said in a statement. As per information available …

RBI unveils UDGAM Portal: Know its importance and how it works
1 year, 4 months ago

RBI unveils UDGAM Portal: Know its importance and how it works

Op India  

In a significant stride towards resolving the issue of unclaimed bank deposits, the Reserve Bank of India has introduced a centralised online platform named UDGAM. The development of the UDGAM portal is a collaborative effort between Reserve Bank Information Technology Pvt Ltd, Indian Financial Technology & Allied Services, and participating banks. At its current stage, the portal provides access to …

RBI launches UDGAM: How to register, check status and search for unclaimed deposits
1 year, 4 months ago

RBI launches UDGAM: How to register, check status and search for unclaimed deposits

India TV News  

The Reserve Bank of India has unveiled the UDGAM portal, designed to aid citizens in locating their unclaimed deposits. Centralized Solution for Unclaimed Deposits Developed by the RBI, the UDGAM portal presents a user-friendly platform for the public to identify and claim their unclaimed deposits from various banks. Initial Banks Covered The UDGAM portal presently provides access to unclaimed deposit …

RBI Launches UDGAM, a Portal to Search Unclaimed Deposits
1 year, 4 months ago

RBI Launches UDGAM, a Portal to Search Unclaimed Deposits

Deccan Chronicle  

MUMBAI: The Reserve Bank of India Governor Shaktikanta Das on Thursday launched a centralised web portal UDGAM for the public to search their unclaimed deposits across multiple banks at one place. As per information available with the RBI, as at the end of February 2023, the total amount of unclaimed deposits transferred to RBI by Public Sector Banks in respect …

RBI unveils UDGAM portal to track unclaimed deposits. How to check status?
1 year, 4 months ago

RBI unveils UDGAM portal to track unclaimed deposits. How to check status?

Hindustan Times  

The Reserve Bank of India on Thursday unveiled a centralised web portal to faciilitate the tracking of unclaimed deposits across multiple banks at one place. The top bank said it has been encouraging the people to identify and approach their respective banks to claim unclaimed deposits. The RBI announced the launch of UDGAM as part of its statement on Development …

It’s time to claim your forgotten deposits kept with banks
2 years, 5 months ago

It’s time to claim your forgotten deposits kept with banks

Live Mint  

The Reserve Bank of India has been running an ad campaign with actor Amitabh Bachchan urging people to get back their unclaimed deposits from banks. As highlighted by Dutta, and Vikash Jain, co-founder, Share Samadhan, some of the reasons for such unclaimed deposits are: the demise of the account holder, with family members being unaware of any deposits; wrong communication …

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