Unclaimed Deposits Of ₹ 35,012 Crore With Public Sector Banks Moved To RBI

About ₹ 35,000 crore unclaimed deposits as of February 2023 had been transferred to the Reserve Bank with the aid of using public quarter banks (PSBs) in appreciate of deposits that have now no longer been operated for 10 years or extra, Parliament turned into knowledgeable today.

These unclaimed deposits belong to 10.24 crore debts transferred to the Reserve Bank of India (RBI) as of the cease of February 2023.

"As in line with records to be had with the RBI, as of the cease of February 2023, the entire quantity of unclaimed deposits transferred to RBI with the aid of using PSBs in appreciate of deposits that have now no longer been operated for 10 years or extra turned into ₹ 35,012 crore," Minister of State for Finance Bhagwat Karad stated in a written respond withinside the Lok Sabha.

State Bank of India (SBI) tops the chart of unclaimed deposits worth ₹ 8,086 crore observed with the aid of using Punjab National Bank ₹ 5,340 crore, Canara Bank ₹ 4,558 crore and Bank of Baroda ₹ 3,904 crore.

To a query that if SBI officers do now no longer assist/amplify any assist to the own circle of relatives of the lifeless or even they do now no longer touch the own circle of relatives who've submitted demise certificate of the lifeless, the minister stated, the financial institution gives assist to own circle of relatives in settling all instances of claims.

"Settlement of account (s) of deceased constituent are taken up on precedence with the aid of using SBI. SBI team of workers has been sensitised and commands are reiterated in all boards of banks at normal frequency," he stated.

For the ease of SBI customers, he stated, the details/ technique of agreement of claims with out felony illustration in appreciate of account(s) of deceased constituents, the specimen of prescribed forms, in addition to up to date FAQs for clean expertise had been uploaded on SBI`s website.

Every software for agreement of the account of a deceased constituent obtained on the SBI department is duly acknowledged, the respond stated.

Banks have additionally been suggested to recollect launching a unique power for locating the whereabouts of the customers/felony heirs in appreciate of debts that have come to be inoperative, i.e., wherein there aren't anyt any transactions withinside the account over a length of  years, it stated.

"Further, it stated, banks are required to show the listing of unclaimed deposits/inoperative debts which can be inactive / inoperative for ten years or extra on their respective websites, with the listing containing the names and addresses of the account holder(s) in appreciate of unclaimed deposits/ inoperative debts," it stated.

Finally, it stated, banks had been suggested with the aid of using RBI to play a extra pro-lively position in locating the whereabouts of the account holders whose debts have remained inoperative.

Replying to any other query, Bhagwat Karad stated the government's reason to take in privatisation of  Public Sector Banks and one Public Sector General Insurance Company along side approval of a coverage of strategic disinvestment of Public Sector Enterprises turned into introduced in Union Budget 2021-22.

Consideration of problems associated with disinvestment and selection on selection, phrases and conditions, etc. in case of strategic sale is entrusted to the Cabinet committee exact for this cause below the Government of India (Transaction of Business) Rules, 1961, it stated.

The amendments to the applicable Acts are required earlier than starting up the technique of privatisation, it stated. The vital legislative modification to the General Insurance Business (Nationalisation) Act, 1972 has been enacted, it stated.

Further, representations, evaluations or hints on diverse problems including, privatisation of PSBs, obtained with the aid of using the Government now and again are definitely examined