Reserve Bank of India said a centralise portal will be develop to access details of unclaim deposits by depositors or their beneficiaries across various banks. About Rs 35,000 crore unclaim deposits as of February 2023 were transfer to RBI by public sector banks (PSBs) in respect of deposits which were not operate for 10 years or more.
RBI Governor Shaktikanta Das said while announcing the first bi-monthly monetary policy for current financial year :
“In order to improve and widen the access of depositors/beneficiaries to such data, RBI has decided to develop a web portal to enable search across multiple banks for possible unclaimed deposits based on user inputs,”
The search results will be enhance by use of certain AI tools, Shaktikanta Das said.
State Bank of India (SBI) tops the chart of unclaim deposits worth Rs 8,086 crore follow by Punjab National Bank Rs 5,340 crore, Canara Bank Rs 4,558 crore and Bank of Baroda Rs 3,904 crore.
The deposits remaining unclaim for 10 years in a bank are transfer to the ‘Depositor Education and Awareness‘ (DEA) Fund maintained by the Reserve Bank of India (RBI).
Depositors’ protection being an overarching objective, RBI has taking various measures to ensure that newer deposits do not turn unclaim and existing unclaim deposits are return to the rightful owners or beneficiaries after following due procedure, Shaktikanta Das said.
On the second aspect, Shaktikanta Das said, banks display the list of unclaim deposits on their websites.
With the increase in customer complaints regarding credit information reporting and the functioning of credit information companies (CICs), Shaktikanta Das said, it has decide to put in place a comprehensive framework for strengthening and improving the efficacy of the grievance redressal mechanism and customer service provide by credit institutions (CIs) and CICs.
For this purpose, Shaktikanta Das said, CICs have brought under the aegis of the Reserve Bank Integrated Ombudsman Scheme (RB-IOS).
In addition, Shaktikanta Das said, it is also propose to put in place a compensation mechanism for delay updation/rectification of credit information; a provision for SMS/ email alerts to customers when their credit information are access from CICs, a timeframe for ingestion of data receive by CICs from CIs, and disclosures relating to number and nature of customer complaints receive on the website of CICs.
Detail guidelines in this regard would be issue shortly, Shaktikanta Das said.
Various entities are require to obtain licences/authorization to carry out activities regulated by RBI.
Further, regulated entities are require to seek certain regulatory approvals from RBI under various statutes/regulations periodically.
Currently, the application and approval processes for the same take place in varied online and offline modes.
The Union Budget for 2023-24 announce the need to simplify, ease and reduce the cost of compliance by financial sector regulators within laid down time limits to decide the applications under various regulations, Shaktikanta Das said.
RBI Proposes Expanding Reach of UPI to Allow for Credit via Pre-Approved Bank Lines
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Shaktikanta Das Said :
“It has, therefore, been decided to develop a secured web-based centralised portal named as ‘PRAVAAH’ (Platform for Regulatory Application, Validation And Authorisation) which will gradually extend to all types of applications made to RBI across all functions,”.
Banks in India which operate International Financial Services Centre (IFSC) Banking Units (IBUs) were permit to transact in INR non-deliverable foreign exchange derivative contracts (NDDCs) with non-residents and with each other with effect from 1st June, 2020.
With a view to developing the onshore INR NDDC and providing residents with the flexibility to efficiently design their hedging programmes, it has decide to permit banks with IBUs to offer INR NDDCs to resident users in the onshore market, Shaktikanta Das said.
Shaktikanta Das Said :
“These banks will have the flexibility of settling their NDDC transactions with non-residents and with each other in foreign currency or in INR while transactions with residents will be mandatorily settled in INR. Related directions are being issued separately,”.
