New Delhi: Reserve Bank of India announces today that it will develop a centralised WebPortal for public to search unclaimed deposits to help beneficiaries to get back their deposits. Currently, the depositors & beneficiaries have to go through the websites of multiple banks to locate such deposits.
An unclaimed deposit is an account that does not see any infusion or withdrawal of funds or similar activities by a depositor for 10 years or more and is deemed inactive. Recently, public sector banks transferred about 35,000 crore rupees as unclaimed deposits to the Reserve Bank.
#RBI Governor also announced another centralised portal to simplify and streamline the process of seeking a licence or any other regulatory approval. In line with the union budget 2023-2024 announcement, RBI will set up a secured web desk centralised portal that will show time limits for deciding on the applications or approvals. Mr. Das said this measure will bring greater efficiencies into regulatory processes and facilitate ease of doing business.
Moreover, RBI also proposed to expand the scope of United Payments Interface – UPI by permitting operations of pre-sanctioned credit lines by banks through UPI. The RBI Governor further proposed to permit banks with IFSC Banking Unit to offer non-deliverable foreign exchange derivative contracts to residents. He said the move will further deepen the forex market in India and provide enhanced flexibility to residents in meeting their hedging requirements.
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