FSDC for a special drive to help people get unclaimed deposits

Union Finance Minister Nirmala Sitharaman chaired the 27th Financial Stability and Development Council (FSDC) meeting, in New Delhi on May 8, 2023. | Photo Credit: ANI

The High-powered Financial Stability and Development Council (FSDC) headed by Finance Minister Nirmala Sitharaman on May 8 emphasized the need to launch a drive to help people get their unclaimed deposits from banks and other financial institutions.

Briefing reporters about the discussions at the meeting, Economic Affairs Secretary Ajay Seth also said that there was no spillover effect of the failure of American banks on the Indian financial system, which was “well protected”.

The 27th FSDC meeting was attended by all financial sector regulators, including RBI Governor Shaktikanta Das.

The secretary also said that there is a view that the government should speed up the necessary legislative changes to give effect to the proposals announced in the Union Budget.

On the issue of unclaimed deposits, Mr. Seth said that the FSDC is of the view that a step should be taken to ensure that people get their unclaimed deposits in financial institutions.

About ₹35,000 crore of unclaimed deposits as on February 2023 have been 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 the 10.24 crore accounts transferred to the RBI as of the end of February 2023.

Last month, the Reserve Bank Governor said that a centralized portal will be ready in three to four months through which depositors and beneficiaries can access details of unclaimed deposits among others. different banks.

Author: Amit Kumar
Amit Kumar is a highly experienced financial expert with over 10 years of experience in banking and finance. He shares his insights on loans, finance, and business strategies through engaging articles on this Loan & Business site, offering practical advice for anyone seeking to improve their financial situation. Amit's mission is to empower his clients and readers to make informed financial decisions and achieve their financial goals.

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