FinMin to review PSBs’ progress on unclaimed deposits

Meeting scheduled for Jan 14

- HARSH KUMAR:

The finance ministry is set to review the progress made by public sector banks (PSBs) in settling unclaimed assets at a high-level meeting scheduled for January 14, according to a senior government official.

“The meeting, to be chaired by the Joint Secretary (banking) in the Department of Financial Services (DFS), will assess the status of unclaimed deposits transferred to the Depositor Education and Awareness (DEA) Fund and the pace of claims settlement across banks,” the official said.

The official further added that the senior executives from State Bank of India (SBI), Life Insurance Corporation of India (LIC) and other nationalised banks are expected to participate in the review through video conferencing.

An email sent to the finance ministry remained unanswered till the time of going to the press.