RBI launched 100 days 100 pays Campaign for Return of Unclaimed Deposits w.e.f. June 1st 2023

The Reserve Bank of India (RBI) has begun the 100 Days 100 Pays Campaign, which will take effect on June 1, 2023. The programme aims to refund unclaimed contributions in savings and current accounts.

“Unclaimed Deposits” are balances in savings or current accounts that have not been utilised for ten years or term deposits that have not been claimed within ten years of maturity. Unclaimed deposits might occur due to the owner’s inactivity, a lack of understanding about the deposit, the owner’s death, etc.

The RBI’s initiative aims to encourage banks to discover and pay the top 100 unclaimed deposits in each bank’s area within 100 days.

Through its public awareness activities, the Reserve Bank periodically encourages members of the public to identify and contact the bank in issue in order to collect such deposits. The central bank has disclosed intentions to build a consolidated web platform where the public may search for unclaimed deposits from various institutions.

The funds will be used to support the Reserve Bank’s ongoing efforts to reduce the volume of unclaimed deposits in the banking system and restore such deposits to their rightful owners or claimants.

The banks are given the appropriate instructions to locate unclaimed depositors within 100 days. The RBI is the central banking body, which is responsible for the establishment and implementation of monetary policy, as well as the supervision and regulation of financial institutions and the preservation of the nation’s financial stability.

As part of its currency management activities, the RBI recently removed Rs. 2000 banknotes from circulation. The central bank executes proper policies, programmes, and campaigns that benefit the economy and the general public.

The notice was published by the Reserve Bank of India on May 12, 2023, and the campaign began on June 1st, 2023.