The Reserve Bank of India (RBI) has launched the ‘100 days 100 Pays’ Campaign with effect from 1st June 2023. The campaign strives to return the unclaimed deposits in the savings / current accounts.
“Unclaimed Deposits’ are balances in savings or current accounts that have not been used for 10 years or term deposits that have not been claimed within 10 years of the maturity date. The circumstances where unclaimed deposits arise is the inactivity of the owner, lack of awareness about the deposit, death of the owner..etc.
The RBI’s campaign aimed to motivate banks to locate and pay the top 100 unclaimed deposits of each bank in each district of the nation within 100 days.
The Reserve Bank occasionally urges members of the public to identify and contact the bank in question for claiming such deposits through its public awareness programmes. The apex bank has revealed plans to create a centralised web portal where the public can look for unclaimed deposits across several institutions.
The will support the Reserve Bank’s continued efforts to lower the amount of unclaimed deposits in the banking system and return those deposits to their rightful owners or claimants. The banks are given necessary directions to find the unclaimed depositors within 100 days.
The RBI is the central banking organisation, essential to the development and execution of monetary policy, as well as to the supervision and regulation of financial institutions and the preservation of the nation’s financial stability.
As part of its currency management operations, the RBI recently took out of circulation banknotes with a denomination of Rs. 2000. The apex bank implements the appropriate policies, plans, and campaigns that foster the welfare of the economy and the general populace.
Read More: RBI to withdraw Rs. 2000 Notes From Circulation; Exchange Notes till Sept. 30, 2023
The Reserve Bank of India issued the notification on May 12, 2023, and the campaign got under way on June 1st 2023.
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