Synopsis: According to information received from the Reserve Bank of India (RBI), the entire amount of unclaimed deposits held by banks stood at Rs 24,356 crore, the minister stated in a written response.
The Minister of State for Finance Bhagwat Karad informed Rajya Sabha on Tuesday that an estimated Rs. 49000 crore is lying unclaimed with banks and insurance companies. The data on unclaimed funds is available until December 31, 2020.
In a written response, the minister stated that, according to information received from the Reserve Bank of India (RBI), the total amount of unclaimed deposits held by banks as of December 31, 2020, was Rs 24,356 crore.
According to the Insurance Regulator Development Authority of India (IRDAI), the total amount of unclaimed amounts in public and private sector insurance companies was Rs 24,586 crore.
The Depositor Education and Awareness Fund (DEAF) Scheme, 2014 was created by the RBI. According to the Scheme, banks credit unclaimed funds to the DEAF, which is then used to promote depositors’ interests.
On the other hand, every year, all insurers with unclaimed amounts from policyholders for more than ten years send the monies to the Senior Citizens Welfare Fund (SCWF).
The SCWF is used to fund programmers that promote senior citizen wellbeing. The RBI has also encouraged banks to be more diligent in locating account holders of unclaimed deposits/inoperative accounts, according to the ministry.
