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Govt May Ask PSBs To Clear 30-40% Unclaimed Deposits
Mint Mumbai
|April 24, 2025
The move will aid banks tackle compliance, operational challenge, and increase transparency
The Centre may ask state-run banks to settle at least 30-40% of over ₹78,000 crore of deposits lying unclaimed in their books in 2025-26, said two persons close to the development.
To achieve the target, the Union government is likely to ask public sector banks (PSBs) to identify geographical areas with the most unclaimed deposits, set quarterly settlement targets at the branch level, and develop a standard operating procedure (SoP), in addition to implementing new central bank guidelines, said the first of the two persons mentioned above.
Reserve Bank of India (RBI) guidelines, effective 1 April, require banks to display details of unclaimed deposits, along with a public search feature, on their websites.
In fact, the government has included the settlement of unclaimed deposits in the EASE, or Enhanced Access and Service Excellence, reforms agenda for PSBs for the current fiscal, added the second of the two persons mentioned above.
This story is from the April 24, 2025 edition of Mint Mumbai.
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