Govt May Ask Banks To Settle Unclaimed Deposits

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.

- Subhash Narayan

NEW DELHI:

To achieve the target, the central 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.

The 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.