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RBI launches public awareness campaign for Unclaimed Deposits

Published on July 26, 2022
Current Context: Reserve bank of India (RBI) launches a national awareness campaign with a focus on eight states that has a higher number of unclaimed deposits.
RBI launches public awareness campaign for Unclaimed Deposits
  • Banks across Tamil Nadu, Punjab, Gujarat, Maharashtra, Bengal, Karnataka, Bihar, Telangana, and Andra Pradesh have the most unclaimed deposits.
  • The awareness campaign is launched in languages of these states along with Hindi and English.
  • According to the annual report of RBI, the unclaimed deposits in banks have increased to Rs 48,262 cr in FY22 from Rs 39,264 cr in the previous year.
  • According to RBI, balances in a current, savings account,s or term deposits that are not claimed within 10 years from the date of maturity are classified as unclaimed deposits.
  • Such money is transferred by the bank to the 'depositor education and awareness (DEA) fund' of RBI. The depositors can still claim their money from the bank along with the interest.
  • Unclaimed deposits are mainly due to non-closure of savings, current accounts that are no longer operated by the depositor, or not submitting redemption claims for matured fixed deposits and also deposits belonging to deceased depositors.
  • Static Knowledge:
    • RBI governor - Shaktikanta Das
    • RBI headquarters - Mumbai
    • RBI was formed - on 1 April 1934

Question:

Q.1 According to RBI data, unclaimed deposits in banks have increased to Rs _________
a. 39,364 cr
b. 40,000 cr
c. 45,364 cr
d. 48,262 cr
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