The quantum of unclaimed deposits with Indian banks stood at Rs 67,003 crore as on the finish of the June quarter, with State Financial institution of India (SBI) accounting for 29 per cent of all such deposits, the Finance Ministry advised Parliament on Monday.
In accordance with information shared by Minister of State for Finance Pankaj Chaudhary in response to a query within the Lok Sabha, 87 per cent of all unclaimed deposits had been with public sector banks. Of the entire unclaimed deposits of Rs 58,330.26 crore with state-owned lenders, Rs 19,329.92 crore was with SBI.
The opposite public sector banks with sizeable chunks of unclaimed deposits embrace Punjab Nationwide Financial institution (Rs 6,910.67 crore), Canara Financial institution (Rs 6,278.14 crore), Financial institution of Baroda (Rs 5,277.36 crore), and Union Financial institution of India (Rs 5,104.50 crore).
Personal banks, however, held unclaimed deposits of Rs 8,673.72 crore, with ICICI Financial institution in possession of probably the most, at Rs 2,063.45 crore.
Cash in financial savings and present accounts that haven’t been operated for 10 years or time period deposits not claimed inside 10 years from the date of maturity are known as unclaimed deposits. These funds are, after the expiry of the 10-year threshold, moved to the Depositor Schooling and Consciousness Fund maintained by the Reserve Financial institution of India (RBI).
In a separate Parliament query in March, information from the Finance Ministry had proven that the quantities of unclaimed deposits rose sharply beginning 2022-23. Within the earlier three years, the annual additions to the Depositor Schooling and Consciousness Fund had been barely greater than Rs 4,500 crore on common. Nonetheless, in 2022-23, this virtually tripled to Rs 12,254.29 crore earlier than edging down barely to Rs 11,794.17 crore in 2023-24. The tempo was considerably maintained within the first 9 months of 2024-25, with Rs 7,946.49 crore being transferred to the Depositor Schooling and Consciousness Fund.
Seemingly in response to the rise in unclaimed deposits, the RBI had in June 2023 began a ‘100 Days 100 Pays’ marketing campaign for banks to hint and settle the 100 largest unclaimed deposits of each financial institution in each district of the nation inside 100 days.
Story continues under this advert
Subsequently, in August 2023, the Indian central financial institution had introduced the event of an internet portal to permit depositors to look throughout a number of banks for any unclaimed deposits. The portal, known as UDGAM – Unclaimed Deposits- Gateway to Entry Info – had greater than 8.5 lakh registered customers as on July 1, Chaudhary stated on Monday.
© The Indian Specific Pvt Ltd