Friday, February 23rd, 2024

RBI to set up portal to trace unclaimed amount

Photo: PTI Shaktikanta Das

reserve Bank of India (RBI) has decided to launch a centralized portal to track unclaimed deposits in various banks. Banks have a large number of accounts in which no transaction has taken place for years. By February 2023, public sector banks have transferred deposits worth about Rs 35,000 crore to the Reserve Bank, in which no transaction has taken place for the last 10 years. Announcing the results of the first monetary review meeting of the current financial year, Reserve Bank Governor Shaktikanta Das on Thursday said that it has been decided to create a web portal to improve and broaden the reach of depositors and beneficiaries.

State Bank of India has the highest amount

Through this, unclaimed amount deposited in various banks can be traced. The highest unclaimed amount of Rs 8,086 crore is deposited with State Bank of India. This is followed by an unclaimed amount of Rs 5,340 crore in Punjab National Bank. Such deposits amount to Rs 4,558 crore in Canara Bank and Rs 3,904 crore in Bank of Baroda (BOB).

Economic growth forecast raised to 6.5%

The Reserve Bank of India on Thursday marginally increased the economic growth forecast for the current financial year to 6.5 percent. Earlier it was predicted to be 6.4 percent. Presenting the first bi-monthly monetary policy review of the financial year 2023-24, RBI Governor Shaktikanta Das said that the gross domestic product (GDP) growth rate in the first quarter of the current financial year is expected to be 7.8 percent. The growth rate in the second, third and fourth quarter of the current financial year is estimated to be 6.2 percent, 6.1 percent and 5.9 percent respectively. Das said that the GDP growth rate of the country at real ie constant price is estimated to be seven percent in 2022-23.

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