Portal for unclaimed deposits across banks to be ready in 3-4 months: RBI

Reserve Bank of India on Thursday said a centralised portal would be ready in three to four months wherein depositors and beneficiaries can access details of unclaimed deposits across various banks.

As of February this year, about Rs 35,000 crore of unclaimed deposits were transferred to RBI by public sector banks in respect of deposits which were not operated for 10 years or more.

"In order to improve and widen the access of depositors/beneficiaries to such data, RBI has decided to develop a web portal to enable search across multiple banks for possible unclaimed deposits based on user inputs," RBI Governor Shaktikanta Das said while announcing the first bi-monthly monetary policy for the current financial year.

The search results will be enhanced by use of certain AI tools, he said.

RBI Deputy Governor M Rajeshwar Rao said, "we expect the portal to be ready in 3-4 months".

State Bank of India (SBI) tops the chart of unclaimed deposits worth Rs 8,086 crore followed by Punjab Nati