Unclaimed deposits with banks have witnessed a 26 per cent jump year on year to Rs 78,213 crore at the end of March 2024, as per the RBI Annual Report.
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Unclaimed deposits with banks have surged by 26% year on year to Rs 78,213 crore by March 2024, according to the RBI Annual Report. Aimed at assisting depositors, RBI has issued new guidelines for managing inoperative accounts and unclaimed deposits. Additionally, the RBI launched UDGAM, a centralized web portal, to help depositors search for unclaimed deposits.
Unclaimed deposits with banks have witnessed a 26 per cent jump year on year to Rs 78,213 crore at the end of March 2024, as per the RBI Annual Report released on Thursday. The amount with the Depositor Education and Awareness Fund stood at Rs 62,225 crore at the end of March 2023. The revised instructions are applicable to all commercial banks and all co-operative banks.