If you have old Rs 10 notes, then this news is important for you. RBI has taken an important decision regarding old notes and it will have a direct impact on you. The Reserve Bank of India (RBI) will soon introduce new Rs 10 and Rs 500 notes in the market. Along with this, there will be major changes in the color, size and design of these notes. Earlier, after demonetization, RBI had issued a small size note of Rs 500. Now, these notes are going to be changed once again.

Notes bearing the signature of new Governor Sanjay Malhotra

The RBI has clarified that these new notes will be under the Mahatma Gandhi (New) series and will bear the signature of the new Governor Sanjay Malhotra. In terms of design, these new notes will be similar to the existing Rs 10 and Rs 500 notes. That is, except for some minor changes, the basic concept will remain the same.

What will happen to the old notes?

Although new notes are coming, the currently circulating Rs 10 and Rs 500 notes will not be discontinued. The RBI has clearly stated that the previously issued notes will also remain valid and will continue to be in circulation. Last month, the RBI had announced the introduction of new Rs 100 and Rs 200 notes. Now, Rs 10 and Rs 500 notes have also been included in it. So, soon you will see new notes in the market and they will be signed by Sanjay Malhotra.

There will be a big change in color, size and design.

The current Rs 500 notes are stone grey in colour. However, the new notes will see radical changes in colour, size, theme, security features and their location. The size of the new Rs 500 note will be 66 x 150 mm, which will be different from the current notes. This new form of note is just a currency reform, it does not cancel the old notes. Therefore, the RBI has said that there is no reason for citizens to panic.

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This means that you can now make early withdrawals of up to Rs 1 crore before maturity of all fixed deposits (FD) (FD new rules). Here let us tell you that banks offer two types of FDs. One callable and the other, non-callable. Callable deposits allow early withdrawals, while non-callable deposits do not.

The Reserve Bank of India (RBI) in a notification issued on October 26 said the minimum amount for offering non-callable FDs may be increased from Rs 15 lakh to Rs 1 crore or Rs 1 crore. And all domestic fixed deposits can be accepted. Customers will be able to withdraw only less amount than this at first. The directive will also apply to the new rules for non-resident (external) rupee (NRE) deposits/ordinary non-resident (NRO) deposits, reports Financial Express.

Banks will be free to provide FDs without the option of premature withdrawal. Provided that all fixed deposits accepted from customers (single or joint) in amounts of Rs 15 lakh and below shall have the facility of early withdrawal. Now the rule has been amended. Early withdrawal options will also be available for NRE/NRO account holders on FD (fixed deposit) deposits up to Rs 1 crore.

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These bonds can be kept till maturity and can earn interest from time to time. If investors wish, they can also sell the bond before maturity. These bonds are issued by the central and state governments, so the risk of risk is very less. Know what has been announced now?

RBI Governor Shaktikanta Das while giving information about the decisions of MPC

Said in his speech that RBI is going to launch mobile app in Retail Direct. Besides, a mobile app for GILT Invest will also be launched.

>>At present, an account for this scheme can be opened through a portal of RBI. For this, an OTP is sent to the investor’s mobile number or email.

>The investor must have an account in a bank for this. To open an account, it is necessary to have a PAN number.

>>Also, there must be a valid document such as driving license, voter ID card or Aadhaar. NRIs can also invest in this bond. People who want to invest in bonds can make payment through net banking or UPI.

>> Tax benefits will not be available on government bonds. Just as the facility of tax exemption is available on small savings schemes such as Public Provident Fund or NPS.

>>Same facility will not be available on government bonds. The interest earned on government bonds will have to be taxed as per the slab.

>> If you buy such bonds through mutual funds, you may have to pay additional tax. Interest income from bonds and mutual funds will be added and tax will be charged accordingly. However, no tax will be levied until it is redeemed.

>> Through this system of RBI, bonds up to Rs 5 crore can be purchased. Bonds worth less than this can also be purchased. In this segment, the Reserve Bank has set a limit of Rs 10,000 for retail investors at which the minimum bond can be purchased. This bond of RBI can be sold before maturity.

>>The bonds issued by the government are called government bonds. If seen from the investor’s point of view, bonds are considered very safe. Especially government bonds are very safe. The reason is that these have a government guarantee.

>>The bond of the company is secured according to its financial position. This means that if the financial position of the company is solid then its bond will also be safe. If the financial condition of the company is not good then its bonds are not considered good in terms of security.

>>The bond of the company is called corporate bond. Interest is paid on the bond at a pre-determined rate. This is called coupon. Since the interest rate of the bond is already fixed, it is also called a fixed rate instrument. This interest rate is fixed during the tenure of the bond. There is no change in this.

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Reserve Bank of India: Reserve Bank supervises all the banks of the country. If you also have an account in the cooperative bank of the country, then this news is useful for you. Reserve Bank of India has taken a big decision regarding a bank in Maharashtra. RBI has now imposed many restrictions on the bank, which will have a direct impact on the bank’s customers.

Let us tell you that RBI has taken a big step against Shirpur Merchants Cooperative Bank of Maharashtra. The Reserve Bank of India (RBI) has taken several decisions in view of the deteriorating financial condition of Maharashtra-based Shirpur Merchants Cooperative Bank.

Bank will not be able to give loan

RBI has put restrictions on many services including withdrawing money from the bank. RBI said in a statement that after the close of business on Monday, this cooperative bank will not be able to give any new loan nor will it be able to make any investment.

RBI permission will be necessary

Along with this, the bank will not be allowed to transfer or dispose of its property or assets without the permission of the central bank. The Reserve Bank has taken this step in view of the current financial condition of Shirpur Merchants Cooperative Bank.

Will not be able to withdraw money from the account

In this, no amount can be allowed to be withdrawn from the total balance in all the savings bank or current accounts or any other account of the depositor. However, bank customers will be able to pay the loan from the amount deposited in their account under these terms and conditions of the Reserve Bank.

Entitlement to receive amount up to Rs 5 lakh

RBI said that eligible depositors will be entitled to receive deposit insurance claim amount up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC).

Restrictions will remain in effect for 6 months

The restrictions imposed on Shirpur Merchants Co-operative Bank from closure of business on April 8, 2024 will remain in force for six months. However, the Reserve Bank said that these instructions should not be interpreted as cancellation of the license of the bank. He said that the bank will continue to conduct banking business with these restrictions until its financial condition improves.

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RBI Governor Announcement: Reserve Bank of India (RBI) will soon provide the facility of depositing money in cash deposit machines through UPI (Unified Payment Interface). Apart from this, it has also been proposed to provide PPI (Prepaid Payment Instruments) card holders the facility to make UPI payments through third party UPI apps like bank account holders.

Presenting the first bi-monthly monetary policy review of the current financial year, RBI Governor Shaktikanta Das said, ‘In view of the experience gained from card-less cash withdrawals using UPI at ATMs, now cash deposit machines (CDMs) using UPI ) It is also proposed to provide the facility of depositing money in.

At present, debit cards are mainly used to deposit money in cash deposit machines. He said that this step will make things easier for customers and make the currency management process in banks more efficient.

RBI said this (RBI Big Announcement)
According to RBI, on one hand the convenience of customers has increased with the use of cash deposit machines, on the other hand the pressure for depositing cash in bank branches has reduced. Now, in view of the popularity and acceptability of UPI, it has been proposed to provide the facility of depositing cash without card.

Additionally, it has also been proposed to allow the use of third party UPI apps to make UPI payments from PPI (Prepaid Payment Instruments) wallets. Currently, UPI payments from PPI can be made only using the website or mobile app provided by the PPI card issuer.

Das said in the statement, ‘This will help PPI card holders to make UPI payments like bank account holders.’ This will make things easier for customers and will promote digital mediums for small amount transactions. RBI will soon issue guidelines regarding these measures.

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The first MPC meeting of the Reserve Bank of India of the business year has taken place. Today Shaktikanta Das of Reserve Bank has announced the decisions taken in the meeting.

While people’s eyes were on the repo rate, the Central Bank Governor gave an important decision regarding UPI. He said that soon UPI users will also be able to deposit cash through UPI.

In this facility, cash will be deposited in the ATM machine through UPI. If you understand in simple language, cash deposit will happen through UPI. Even third party apps will soon be approved in UPI. In this, users will get the facility of UPI transactions from Prepaid Payment Instrument (PPI) wallets.

TRAPs will be approved for UPI payments in prepaid payment instruments.

The Reserve Bank is also taking steps to promote the Retail Direct Scheme in the Government Securities market. For this, RBI Mobile App will be launched. With all these changes in UPI, UPI users will get a lot of facilities. Along with this, digital transactions will also get a boost in the country.

While the user will get the benefit, the bank will also get convenience in handling the currency.

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The Reserve Bank of India i.e. RBI has given a big update regarding the Rs 2,000 note on Monday (April 1). RBI said that 97.69 percent of the notes worth Rs 2,000 have returned to the banks. People now have only Rs 2,000 notes worth Rs 8,202 crore. Let us tell you that on May 19, 2023, RBI had announced to withdraw bank notes of Rs 2,000 denomination from circulation.

RBI said in the statement that the total value of Rs 2000 notes in circulation on May 19 was Rs 3.56 lakh crore. It has now reduced to Rs 8,202 crore on March 29, 2024. Thus, 97.69 percent of the Rs 2000 notes that were in circulation on May 19, 2023, have been returned.

Withdrawal of ₹2000 Denomination Banknotes – Statushttps://t.co/VbYT4wMLvS

— ReserveBankOfIndia (@RBI) April 1, 2024

Bank notes of Rs 2,000 will remain legal tender

RBI said that the bank note of Rs 2,000 remains legal tender.

Rs 2000 notes can also be sent to RBI through India Post.
People can deposit or exchange Rs 2000 bank notes in 19 RBI offices across the country. People can send Rs 2000 bank notes from any post office to any issue office of RBI to deposit in their bank accounts in the country.

Entities holding such notes were initially asked to exchange them or deposit them in bank accounts by September 30, 2023. Later the deadline was extended till October 7, 2023. Deposit and exchange services in the bank branch were closed on October 7, 2023.

These are the 19 RBI offices of the country.
People have been given the option to exchange notes or deposit the same amount in their bank accounts in 19 RBI offices from October 8, 2023.

The 19 RBI offices having bank note deposit/exchange locations are in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram. .

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Order to keep banks open on March 31

RBI issued a notification on Wednesday saying, “The Government of India has requested to keep all branches of banks dealing with government receipts and payments open for transactions on March 31, 2024 (Sunday), so that the receipts and payments in the financial year 2023.” So that all transactions related to payment can be maintained.”

All Agency Banks to remain open for public on March 31, 2024 (Sunday)https://t.co/7eI5CZtlh0

— ReserveBankOfIndia (@RBI) March 20, 2024

In view of this, the Reserve Bank has asked all its agency banks to keep all their branches related to government business open on Sunday, March 31. For this, banks will have to give proper publicity that their branch will remain open on 31st March.

Income tax offices will remain open

Let us tell you that earlier the Income Tax Department had also announced to keep its office open on 30th and 31st March despite it being Saturday and Sunday. Apart from this, the department has also canceled the Good Friday holiday falling on Friday.

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RBI Penalty on Banks: RBI has once again become strict on banks. The Reserve Bank monitors all the banks of the country… which bank is following the rules properly or not…? Now RBI has imposed a penalty on DCB Bank and Tamilnad Mercantile Bank for not following some instructions related to advance interest rate.

This has been informed by issuing a statement from RBI. RBI has imposed a fine of Rs 63.6 lakh on DCB Bank. Apart from this, a fine of Rs 1.31 crore has been imposed on Tamil Nadu Mercantile Bank.

RBI issued statement

In a separate statement, the central bank said that Tamil Nadu Mercantile Bank has been fined Rs 1.31 crore for non-compliance of certain instructions issued on ‘Interest Rates on Advances’ and ‘Revision in Central Repository of Information on Large Credit (CRILC) Reporting’. Fine has been imposed.

Fine imposed for not following rules

In both cases, the Reserve Bank said the penalty was based on deficiencies in regulatory compliance. For this reason RBI has taken this action. RBI’s objective is not to affect the validity of any transaction or agreement entered into with bank customers.

Fine was also imposed on these banks

Recently the Reserve Bank had imposed penalty on Bank of India and Bandhan Bank. RBI had imposed a fine of Rs 1.4 crore on Bank of India. Apart from this, the Reserve Bank had also imposed a fine of Rs 29.55 lakh on private sector Bandhan Bank for not complying with some instructions.

Reserve Bank of India has imposed penalty on Bank of India for non-compliance of RBI directions relating to violation of provisions of ‘Interest Rate on Deposits’, ‘Customer Service in Banks’, ‘Interest Rate on Loans’ and Credit Information Companies Rules, 2006. Was imposed for.

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RBI made it clear that these banks or NBFCs should not enter into exclusive arrangements or agreements with any card networks like American Express, Mastercard Asia, Diners Club and Rupay.

In India, card networks like Visa, MasterCard, American Express, Diners Club, Rupay etc. have tie ups with many leading banks and NBFCs.

To whom will the rule not apply?

In its guidelines, RBI said that these guidelines do not apply to those banks or NBFCs which have less than 10 lakh active cards. Additionally, card issuers that issue credit cards on their own authorized card networks are excluded from this. Even when a card comes for renewal, banks or NBFCs should give their customers the option to choose the card network.

Why did RBI issue these guidelines?

The Reserve Bank of India (RBI) has observed that the country’s leading banks and NBFCs issue cards of a fixed network to the customers without asking their consent. Banks benefit from this because big card networks have exclusive tie-ups with banks. This includes many benefits including service fees or reward points and customer offers.

What is its benefit

• Rupay Credit Card will benefit from these guidelines of Central Bank
• If the customer chooses Rupay credit card, he can link it with his UPI. Currently, UPI payment does not provide the option to link Visa and MasterCard.
• Apart from this, the country’s credit card network Rupay has the freedom to choose its customer.
• Annual fees reduced on many Rupay Credit cards
• From the merchant’s point of view, lower MDR has to be paid on Rupay credit card swipe.

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Credit Card Issuance Rules: A big news has come for credit card issuing companies. The central bank i.e. Reserve Bank of India (RBI) has made changes in the rules for issuing credit cards. The banking regulator has issued this notification in this regard. According to this notification, the bank has decided to change the rules for issuing credit cards. According to the notification, now credit card companies will have to provide many options to the customers. The notification states that authorized card networks tie up with banks/non-banks for issuing credit cards.

RBI gave these instructions

The notification states that the choice of network for a card issued to a customer is decided by the card issuer (bank or non-bank) and is subject to the arrangements made by the card issuer in terms of its bilateral agreements. I keep the card with the network.

RBI said that on review, it was found that certain arrangements existed between the card networks and the card issuer customers. RBI said that card issuers are not conducive to the availability of options for customers.

Many options should be provided to customers

RBI said in the notification that credit card companies will have to provide many options. Companies will have to provide the option of multiple card networks to customers. RBI said that the arrangement between card networks and companies is not favorable. Companies should enter into agreements keeping in mind the interests of customers

The notification states that card issuers will not enter into any arrangement or agreement with the card network that prevents customers from availing the services of other card networks. Card issuers will provide their eligible customers the option to select multiple card networks at the time of card selection. Apart from this, it has also been said to give time to the existing cardholders for the next renewal.

Rules will not apply to these companies

Let us tell you that these rules will not apply to those people whose number of active cards issued is 10 lakh or less. Additionally, card issuers that issue credit cards on their own authorized card networks are excluded from this. Please note that these rules will remain effective for 6 months from the date of notification.

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RBI Canceled Bank License: The Reserve Bank of India, taking major action against Rajasthan based Co-operative Bank, has canceled the license of the bank. This action has been taken on Sumerpur Mercantile Urban Co-operative Bank located in Pali, Rajasthan. Giving information about the action taken against the bank, the Reserve Bank said that Sumerpur Mercantile Urban Co-operative Bank was facing financial crisis for a long time.

According to RBI, this bank did not have adequate sources of income and capital. In such a situation, keeping in mind the interest of the customers, the Reserve Bank has decided to cancel the license of the bank. This action has been taken only after the request of the cooperative societies of Rajasthan.

What will happen to customers’ money?

After the license of Sumerpur Mercantile Urban Co-operative Bank is cancelled, the biggest question is what will happen to the customers’ money. On liquidation, every depositor will get the benefit of insurance on deposits up to Rs 5 lakh by the Deposit Insurance and Credit Guarantee Corporation (DICGC) under the provisions of the DICG Act, 1961. The Reserve Bank has made it clear that 99.13 percent of the bank’s depositors will get the benefit of DICGC deposits.

RBI took strict action against these banks including SBI

Recently, the Reserve Bank has taken major action and imposed a fine of crores on three banks including the country’s largest government bank State Bank of India. Along with SBI, the names of Canara Bank and City Union Bank are also included in this.

Due to violation of rules, the regulator has imposed a total fine of more than Rs 3 crore on all the banks. A penalty of more than Rs 2 crore has been imposed on SBI. A fine of Rs 32.30 lakh has been imposed on Canara Bank and Rs 66 lakh on City Union Bank.

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RBI Imposes Penalty: Reserve Bank of India (RBI) has imposed a penalty on the largest public sector bank SBI for not following the rules. RBI has also imposed penalty on Canara Bank and City Union Bank.

A fine of about Rs 3 crore has been imposed on these three banks. In the information given by RBI, it was said that a fine of Rs 2 crore has been imposed on SBI for violation of some rules related to ‘Depositor Education Awareness Fund Scheme, 2014’.

Fine imposed on NBFC

The central bank said that a fine of Rs 66 lakh has been imposed on City Union Bank Limited for not following the instructions of RBI related to income certification, property classification and loan related provisions, provisions regarding non-performing loans (NPA) and KYC.

RBI has also imposed a fine of Rs 32.30 lakh on Canara Bank for not following some instructions. A fine of Rs 16 lakh has been imposed on Ocean Capital Market Limited of Rourkela in Odisha for non-compliance of certain provisions related to Non-Banking Financial Companies (NBFC).

What will be the impact on customers?

After this action taken by RBI, it was made clear that the penalty on banks and NBFCs has been imposed for lapses in regulatory compliance. It has nothing to do with the transaction or agreement between the bank and the customers.

From time to time, RBI keeps imposing penalties on banks or NBFCs for not following banking rules. The customers have nothing to do with the fine imposed on the bank. The bank’s customer related work continues as before.

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The problems faced by farmers and small businessmen in getting loans are going to go away. The Reserve Bank has prepared a new scheme for this. RBI is thinking of bringing a UPI-like platform for loans to farmers and MSMEs.

Farmers and MSMEs face problems

This proposed credit disbursal platform will work in the same way as UPI works for digital payments. This will simplify the loan process for farmers and MSAEs. RBI believes that consumer loans through digital interface are now common, but farmers and small businessmen still have to visit banks to get loans.

It will be possible to get a loan in a jiffy

According to RBI, the proposed credit platform will make the loan process easier for farmers and MSMEs. At present, farmers have to make rounds of land record keeping departments along with banks to get agricultural loan or Kisan Credit Card. All these problems will be solved with the proposed platform and it will be possible to get loan in a jiffy.

Work can be done with this platform

This work can be possible through Public Tech Platform for Financial Credit i.e. PTPFC. This platform is currently working on products like Agri Loan, Kisan Credit Card, Small MSME Loan. Lending banks, financial institutions and startups can be linked with this platform. Agri and MSME loans worth about Rs 3,500 crore have been distributed so far through this platform.

Payment of public transport through PPI

Apart from this, the Reserve Bank has also made a change regarding PPI i.e. prepaid payment instruments. According to the Central Bank, now payment for public transport system can be done through PPIs issued by banks and non-banking institutions.

The Reserve Bank said in a notification that keeping in mind the convenience of people using public transport, it has been decided to allow banks and non-banking institutions to introduce PPI for payment in various public transport systems.

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The cases of fraud through online transactions are increasing. To stop this, RBI keeps working from time to time. Now RBI is going to create a new system to prevent online fraud, so that you will not need OTP to make payment.

At present, for doing any online transaction anywhere, you receive an OTP through SMS for verification. This OTP method ensures that there is no disturbance or fraud in online payment.

This could be a new plan

Instead of OTP, Authenticator app can now be used for online transactions. For this, users need to obtain the password from some other application on their mobile phone. Service providers have also developed other options like tokens in the mobile app.

Token can also be an option

According to Rajdeepkumar Gupta, MD and CEO of Route Mobile, his company sends around 400 crore OTPs every month on behalf of different service providers. But, with the growth of digital systems, the possibility of fraud also increases.

Due to increasing fraud, the company has introduced TruSense division, where the service provider will have a direct data connection with the users’ devices. It will automatically recognize the mobile number and give the user a token with the device without entering the OTP. This is currently used for gmail account verification.

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Reserve Bank of India (RBI) is now considering developing a new system regarding UPI. The Reserve Bank of India said that it is thinking of bringing interactive payment facility on UPI through Artificial Intelligence (AI). On August 10, after the RBI’s monetary policy meeting, Governor Shakti anta Das said that interactive payments in UPI will give users a different experience.

The RBI governor said that conversational payments on UPI will enable users to engage in conversation with AI systems to make payments. He said that the central bank has proposed new technology for the users.

How banks are using AI

Apart from this announcement by the central bank, other private and public sector banks are closely working on their technology using AI and machine learning (ML) tools to expand digital banking services. Banks in India are increasingly incorporating technology like AI based service in their operations. From using chatbots to striking deals with fintech firms, banks are figuring out how to incorporate new-age technology.

HDFC Bank, the country’s largest private sector bank, has its own chatbot Eva. It presents information about the banking services of the lender to customers and non-customers. Similarly, Axis Bank is also looking at using the enterprise variant of ChatGPT to enhance the communication services with the customers. At the same time, the country’s largest bank State Bank of India said in its annual report for FY 2023 that business analytics will increase the use of AI and ML in operations.

No change in repo rate

RBI Governor Shaktikanta Das announced that the Monetary Policy Committee has unanimously kept the repo rate unchanged at 6.5 percent on August 10. The Standing Deposit Facility rate has also been retained at 6.25 per cent and the Marginal Standing Facility rate, Bank Rate has also been kept at 6.75 per cent. ,

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Most of the banks in the country provide locker facility. Keeping jewelry and cash in the locker becomes tension free. But, what if termites lick your money kept in the locker. Recently, a similar incident had happened in Udaipur, Rajasthan. Two lakh rupees of the customer were kept in the locker of Punjab National Bank.

When he reached to withdraw his money, the notes were licked by termites. In such a situation, the question arises that if something untoward happens with your money kept in the locker, then someone is responsible for it. The answer to all these incidents is the new locker rules, which have come into force from February 1, 2023.

These are the new rules of Reserve Bank of India

According to the new locker rules of the Reserve Bank of India, if any item kept in the locker is damaged due to the negligence of the bank, then it will be the responsibility of the bank. It is the responsibility of the Bank to take necessary steps for the security of the premises. If the goods kept in the locker are damaged due to the negligence of the bank, then the bank will have to pay compensation. This compensation will be 100 times the rent of the locker for one year. During the loss, the banks cannot say that they do not have any responsibility.

Compensation will not be given in these cases

Bank will not be responsible if the locker is damaged due to natural calamity like earthquake, flood, storm etc. Apart from this, the bank will not be responsible even if the cash etc. kept in the locker of the bank is damaged due to the customer’s own fault.

However, if there is a fire or theft due to the negligence of the bank, then the bank will be responsible for it. Apart from this, if any employee of the bank embezzles money or commits fraud, then also the bank will be responsible.

Let us tell you that the Reserve Bank of India had advised all the banks to renew the locker agreement of the existing customers of the banks from January 1. Along with this, the bank was asked to ensure that there should not be any unfair condition or terms in the agreement.

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The Reserve Bank of India (RBI) said that in every district of the country, the bank will conduct a special drive for 100 days to settle the top 100 accounts with unclaimed deposits. RBI said in a statement that this campaign of banks will start from June 1, 2023.

Campaign will be run for 100 days

The amount lying dormant in bank accounts for 10 years is called unclaimed deposit. Banks transfer these accounts to the ‘Depositor Education and Awareness Fund’ of the Reserve Bank if they remain unclaimed for a long time. All banks will identify 100 lead accounts in each district of the country for settlement of such accounts. This campaign will run for 100 days.
Announcement to make portal

RBI had also recently announced to make a centralized portal for settlement of unclaimed deposits. Public sector banks had transferred an unclaimed amount of about Rs 35,000 crore to the Reserve Bank till February 2023. This amount was deposited in those accounts in which there was no transaction for 10 years or more. The unclaimed amount was linked to 10.24 crore accounts.

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What is unclaimed amount

According to information, this amount belongs to those people who have failed to close their current or savings accounts or have failed to inform banks to encash matured FDs. Deceased depositors whose nominees or legal heirs have failed to file a claim against the bank or banks. The amount of such people is kept in the banks like this only.

RBI had given this information earlier also

RBI had said last month that a centralized portal related to this would be prepared in three-four months. With this, depositors and beneficiaries can get information about unclaimed deposits lying in different banks. The 27th meeting of FSDC was attended by all financial sector regulators including RBI Governor Shaktikanta Das. This was the first meeting of the FSDC after the presentation of the budget for 2023-24.

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