RBI's plan to dispose of 'unclaimed money', will launch '100 Days 100 Pays' program - Newztezz Online


Sunday, May 21, 2023

RBI's plan to dispose of 'unclaimed money', will launch '100 Days 100 Pays' program

Do you have any account in your house which has not been operated for a long time? Is there any amount deposited in it? So now the Reserve Bank of India has made a plan to fix it. Soon '100 Days 100 Pages' program will start for this.

Is there any such bank account in your house in the name of parents or grandparents which is not working for a long time? Then this news is for you only, because if you have some amount lying in such non-operative account, then from June 1, RBI can put it in the category of 'unclaimed money'. To settle this, he has made some rules and is soon going to launch a program '100 Days 100 Pages' .

Let us first know whether this is 'unclaimed money'? According to the latest rules of RBI, the money lying in the savings or current account in which there has been no transaction for at least 10 years, will come in this category. Whereas after completion of maturity of FD or RD, that money has not been withdrawn within 10 years, then from June 1, 2023, it will also come under the category of 'unclaimed money' i.e. 'unclaimed deposit' .

Now know what are the rules and regulations related to it…

Unclaimed money will go to such places

The Reserve Bank of India is going to launch the '100 Days 100 Pages' program to make these 'unclaimed money' reach their owners properly. For this, banks have been instructed to identify such accounts and settle the money by reaching out to their owners. Every bank branch in every district of the country will identify 100 such accounts and settle the accounts within 100 days.

Bank will hand over this money to RBI

It has also been clarified in the latest guideline that banks will transfer 'unclaimed money' to the 'Depositor Education and Awareness' fund of RBI. When the RBI announced its bi-monthly monetary policy in April 2023, it was made clear that it can take steps to reduce the burden of this 'unclaimed money'.

From time to time, the Reserve Bank of India runs public awareness campaigns encouraging the common people to identify such accounts and claim the 'unclaimed money' lying in them. This initiative of the central bank is also an attempt to reduce the burden of this 'unclaimed money' from the banking system.

This is how 'unclaimed money will be identified'

RBI is working towards making it easier to access such depositors. For this, it has decided to develop a web portal, where it will be easy to find 'unclaimed money' in different banks. Just the user has to enter some inputs related to it. This portal is expected to be ready in the next 3 to 4 months.

It is also the effort of the Reserve Bank that new deposits do not reach the category of 'unclaimed money'. On the other hand, the existing 'Unclaimed Deposit' should be handed over to its rightful owner as soon as possible after fulfilling all the norms.

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