Reserve Bank of India (RBI) logo. File
| Photo Credit: REUTERS
As part of its drive to solve the problem of unclaimed deposits, the Reserve Bank of India (RBI) has decided to start a web portal which will be operational in three to four months to aid beneficiaries to get back unclaimed money.
“In order to improve and widen the access of depositors and beneficiaries of such data [of unclaimed deposits], the RBI has decided to develop a web portal to enable search across multiple banks for possible unclaimed deposits based on user inputs. The search results will be enhanced by use of certain AI tools,” RBI Governor Shaktikanta Das announced on Thursday.
It will be password-protected and only the claimants will have access to search.
Deposits remaining unclaimed for 10 years in a bank are transferred to the Depositor Education & Awareness Fund maintained by the RBI.
“Depositors’ protection being an overarching objective, RBI has been taking various measures that newer deposits do not turn unclaimed and existing unclaimed deposits are returned to the rightful owners or beneficiaries after due procedure. On the second aspect banks display the list of unclaimed deposits on their website,” Mr. Das said.
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