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TMI BlogBanks get ₹5,729 crore from “Depositor Education and Awareness” (DEA) Fund towards refund of settling unclaimed depositsX X X X Extracts X X X X X X X X Extracts X X X X ..... Banks get ₹5,729 crore from “Depositor Education and Awareness” (DEA) Fund towards refund of settling unclaimed deposits - News and Press Release Dated:- 24-7-2023 - News - The Depositor Education and Awareness Fund Scheme, 2014 , was notified by Reserve Bank of India (RBI), which covers norms related to unclaimed deposits and outlines details of utilisation of fund including, inter alia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , promotion of depositors interests and other purposes as may be specified by the RBI. This was stated by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in Lok Sabha today. The Minister stated that as a result of various steps undertaken to return the unclaimed deposits to their rightful owners/claimants, total ₹5,729 crore has been transf ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erred from Depositor Education and Awareness (DEA) Fund to banks towards refund of settling unclaimed deposits, in last five-years. The details of unclaimed deposits of public and private sector banks transferred to DEA Fund as on 31 st March of last five-years, are at Annex . Giving more information, Dr Karad stated that RBI has taken various steps to reduce the quantum of unclaimed de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... posits and return such deposits to rightful claimants. Banks are, inter-alia, advised to display the list of unclaimed deposits which are inactive/inoperative for ten years or more on the bank s websites; find the whereabouts of the customers and their legal heirs to return unclaimed deposits to the rightful claimants; formulate board approved policy on classification of unclaimed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deposits; and put in place a grievance redressal mechanism for quick resolution of complaints, record keeping, and periodic review of unclaimed deposit accounts. Further, the Minister stated, RBI has announced to set-up a Centralised Web portal for public to search unclaimed deposits across multiple banks. RBI has also launched campaign 100 Days 100 Pays for banks to trace and settle ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... top 100 unclaimed deposits of every bank in every district of the country within 100 days, commencing from 1.6.2023 to 8.9.2023, the Minister stated. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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