Sleeping Accounts, Awake Funds: RBI Takes Charge of Rs 85-Crore Unclaimed Deposits

In a significant financial development, Rs 85 crore lying idle in bank accounts across Mohali district has been transferred to the RBI’s Depositors Education and Awareness Fund (DEAF). The initiative, directed by the Department of Financial Services, seeks to safeguard dormant deposits and raise public awareness about reclaiming funds.  

Key Highlights

- Transfer of Funds: Accounts inactive for over 10 years were moved to RBI’s DEAF, totaling Rs 85 crore.  

- Mega Awareness Drive: Axis Bank hosted a public camp in Mohali, with participation from top banks including SBI, PNB, Union Bank, Bank of Baroda, Canara Bank, HDFC, and ICICI.  

- Objective: To educate citizens about unclaimed deposits and streamline the process of reclaiming funds.  

- National Context: India has over Rs 1.5 lakh crore in unclaimed deposits nationwide, highlighting the scale of dormant funds.  

- Beneficiary Tracing: Banks are tasked with identifying rightful owners and reactivating accounts to return money to the system.  

This campaign underscores the importance of financial literacy and vigilance, ensuring that citizens remain connected to their savings and avoid losing track of long-held deposits.  

Sources: The Tribune India, NPA Help, The Wire