Rs 24,356 crore of unclaimed deposit lying with Scheduled Commercial Banks

27 JUL 2021: As per information received from the Reserve Bank of India (RBI), the total amount of unclaimed deposits of Scheduled Commercial Banks (SCBs) was Rs. 24,356 crore, as of 31.12.2020. The bank-wise details are in Annex. This was stated by Union Minister of State for Finance Dr. Bhagwat Kisanrao Karad in a written reply to a question in Rajya Sabha today.

Giving more details for FY 2020, the Minister stated that RBI has informed that unclaimed deposits have increased by Rs. 5,977 crores in the year 2020, as compared to the year 2019, on account of depositors not having claimed their deposits from banks.

RBI has advised banks to play a more proactive role in finding the whereabouts of the account holders of unclaimed deposits/ inoperative accounts vide circulars dated 07.02.2012, 08.02.2012, 21.11.2014 and 02.02.2015, the Minister stated.

The Minister further stated that pursuant to the amendment of the Banking Regulation Act, 1949, and insertion of section 26A, RBI has framed the Depositor Education and Awareness Fund (Fund) Scheme, 2014 (Scheme). The scheme has already been notified vide Gazette Notification dated 24.5.2014. As per the Scheme, the Fund is utilized for the promotion of depositors’ interests and for such other purposes which may be necessary for the promotion of depositors’ interests as may be specified by RBI.

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