According to information received from the Reserve Bank of India (RBI), the total amount of unclaimed deposits from regular commercial banks (BSC) was Rs. 24,356 crore, as of 12.31.2020. This was stated by Union Minister of State for Finance, Dr Bhagwat Kisanrao Karad, in a written response to a question to Rajya Sabha today.
Giving more details for fiscal 2020, the minister said that RBI informed that unclaimed deposits increased by Rs. 5,977 crore in 2020, compared to 2019, due to depositors who did not claim their deposits from banks.
RBI advised banks to take a more proactive role in locating unclaimed deposit account holders / inoperative accounts see circulars of 07.02.2012, 08.02.2012, 21.11.2014 and 02.02.2015, indicated the minister.
The Minister further stated that in accordance with the amendment of the Banking Regulation Act 1949 and the insertion of Section 26A, the RBI developed the 2014 Scheme for the Education and Awareness Fund of depositors (funds). The scheme has already been notified see Notice in the Official Journal of 24.5.2014. In accordance with the Plan, the Fund is used for the promotion of the interests of depositors and for other purposes which may be necessary for the promotion of the interests of depositors, as specified by RBI.