RBI To Set Up Portal For Unclaimed Deposits

The Reserve Bank on Thursday announced to set up a centralised portal to access details of unclaimed deposits by depositors or their beneficiaries across various banks. RBI Governor, Shaktikanta said about setting up a portal while announcing the repo rate decision in the press meeting. The details are shared in the statement released by the RBI.

According to the statement release, at present, the depositors or beneficiaries of unclaimed bank deposits of 10 years or more have to go through the websites of multiple banks to locate such deposits.

But now, in order to improve and widen the access of depositors / beneficiaries to information on such unclaimed deposits, it has been decided to develop a web portal to enable search across multiple banks for possible unclaimed deposits.

The reason for setting up of this portal is to help depositors/beneficiaries in getting back unclaimed deposits.

Also note, that the monetary policy committee decided unanimously to keep the policy repo rate unchanged at 6.50 per cent in this meeting with readiness to act, should the situation so warrant.