The 27th FSDC meeting was attended by all financial sector regulators including RBI Governor Shaktikanta Das. (Representational image)
Around Rs 35,000 crore of unclaimed deposits were transferred by public sector banks to the Reserve Bank by February 2023.
The high-powered Financial Stability and Development Council (FSDC), headed by Finance Minister Nirmala Sitharaman, on Monday underlined the need to launch a campaign in banks and other financial institutions to help people get their unclaimed deposits.
Briefing reporters about the discussions in the meeting, Economic Affairs Secretary Ajay Seth also said that the failure of US banks has had no impact on the Indian financial system, which is “well protected”.
The 27th FSDC meeting was attended by all financial sector regulators including RBI Governor Shaktikanta Das.
The secretary also said that there was a view that the government should expedite necessary legislative changes to give effect to the proposals announced in the Union Budget.
On the unclaimed deposit issue, Seth said that the FSDC was of the view that a drive should be launched to ensure people have their unclaimed deposits lying with financial institutions.
Around Rs 35,000 crore of unclaimed deposits by February 2023 were transferred to the Reserve Bank in respect of deposits by Public Sector Banks (PSBs) which have not operated for 10 years or more.
These unclaimed deposits pertain to 10.24 crore accounts transferred to RBI by the end of February 2023.
The Reserve Bank governor had last month said that a centralized portal would be ready in three to four months, where depositors and beneficiaries can get details of unclaimed deposits in various banks.
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)
