Banks to Launch 100-Days Campaign to Trace and Settle Unclaimed Deposits: RBI

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The Reserve Bank of India (RBI) has announced that banks in the country will initiate a 100-days campaign aimed at tracing and settling unclaimed deposits. With a significant amount of unclaimed funds lying with various banks, this campaign aims to reconnect depositors with their dormant accounts and ensure timely resolution. The move showcases the RBI’s commitment to promoting financial inclusivity and safeguarding the interests of customers.

Objective of the Campaign:
The 100-days campaign launched by banks, as directed by the RBI, seeks to identify and resolve the issue of unclaimed deposits. These deposits include savings accounts, fixed deposits, recurring deposits, and other financial instruments that have remained dormant for an extended period. The primary goal is to locate the rightful owners and facilitate the settlement of these unclaimed funds.

Tracing Unclaimed Depositors:
During the campaign, banks will employ various strategies to trace and reach out to depositors with unclaimed funds. They will leverage technology, data analytics, and customer outreach programs to identify individuals who may have forgotten about their accounts or have lost touch with the banks. By encouraging depositors to come forward and claim their funds, the campaign aims to reunite them with their long-forgotten savings.

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Customer Awareness Initiatives:
To ensure maximum participation and success, the campaign will be accompanied by extensive customer awareness initiatives. Banks will utilize multiple channels, such as websites, mobile applications, social media platforms, and traditional media, to spread the message and inform the public about the importance of checking for unclaimed deposits. The RBI will also support these efforts by actively promoting the campaign and highlighting its benefits.

Simplifying the Claim Process:
In order to facilitate the smooth settlement of unclaimed deposits, banks will simplify the claim process for customers. They will streamline the documentation requirements and provide clear instructions on the steps to be taken for claiming dormant accounts. By minimizing the bureaucratic hurdles, banks aim to encourage depositors to come forward and retrieve their funds with ease.

Protecting Customer Interests:
The 100-days campaign reflects the RBI’s commitment to protecting customer interests and promoting financial literacy. It not only benefits the depositors by enabling them to access their forgotten funds but also prevents banks from holding unclaimed deposits indefinitely. The initiative emphasizes the importance of fostering a customer-centric approach within the banking sector and ensures that unclaimed funds are put to rightful use.

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Conclusion:
The launch of the 100-days campaign by banks, under the guidance of the RBI, is a significant step towards resolving the issue of unclaimed deposits. By actively reaching out to customers, simplifying the claim process, and raising awareness, the campaign aims to reconnect depositors with their dormant accounts and promote financial inclusivity. This initiative reinforces the importance of responsible banking practices and underscores the RBI’s commitment to ensuring customer satisfaction and trust in the Indian banking system.

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