RBI policy meet: At present, the depositors and beneficiaries of unclaimed bank deposits of 10 years or more have to go through the website of multiple banks to locate such deposits
The Supreme Court on Thursday granted time to the Ministry of Finance to file its counter affidavit in a public interest litigation (PIL) seeking a mechanism to inform legal heirs about the unclaimed.
RBI said it has decided to develop a web portal that would provide the facility of searching across multiple banks for possible unclaimed deposits. The search results will be enhanced by certain artificial intelligence tools.
An unclaimed deposit is one which does not see any activity like infusion of funds, withdrawal, etc. from the depositor for 10 years or more, and is deemed as an inactive deposit.