3-4 months until unclaimed deposits portal is ready

Reserve Bank of India said a centralised portal would be ready in three to four months wherein depositors and beneficiaries can access details of unclaimed deposits across various banks.

As of February, this year, about Rs.35,000 crore of unclaimed deposits was transferred to RBI by public sector banks in respect of deposits which were not operated for 10 years or more.

“In order to improve and widen the access of depositors/beneficiaries to such data, RBI has decided to develop a web portal to enable search across multiple banks for possible unclaimed deposits based on user inputs,” RBI Governor Shaktikanta Das said while announcing the first bi-monthly monetary policy for the current financial year.

The search results will be enhanced by use of certain AI tools, he said. RBI Deputy Governor M Rajeshwar Rao said, “we expect the portal to be ready in 3-4 months”.