Team Blitz India
NEW DELHI: The high-powered Financial Stability and Development Council (FSDC), headed by Finance Minister Nirmala Sitharaman, has asked the regulators to initiate a special drive to settle unclaimed deposits in banks and financial institutions.
Briefing reporters about the discussions in the meeting, Economic Affairs Secretary Ajay Seth said it was deliberated that regulators should conduct a special drive to facilitate the settlement of unclaimed deposits and claims in the financial sector across all segments, such as banking deposits, shares and dividends, mutual funds, insurance, etc.
“It was also noted that, as the Union Budget has announced that unclaimed deposits and shares and dividends, which are lying in the pool, a drive should be taken by the concerned regulator, especially where the nominee details are available with them though the nominees may not be aware of that.
“In a time-bound manner, that activity should be taken but where the nominee details are not there, the process has to be put in place,” newspapers quoting him said on May 9.
About Rs 35,000 crore unclaimed deposits as of February 2023 were transferred to the Reserve Bank by public sector banks (PSBs) in respect of deposits, which have not been operated for 10 years or more. These unclaimed deposits belong to 10.24 crore accounts transferred to the RBI as of the end of February 2023.
