Understanding RBI's Centralised Portal for Efficient Tracking

The RBI has launched a centralised portal that allows you to browse across various banks' servers to search for your unclaimed deposits all in one place. This means you no longer have to visit each bank's website or branch separately to search for your deposits.

RBIs centralised portal
  1. A total of 35,012 crores of money are lying unclaimed with the RBI, which is double the amount of what it was in 2019.
  2. The centralised portal launched by the RBI will be operational in the next 3–4 months and is equipped with advanced AI technology.

What is RBI's centralised portal?

Unclaimed bank deposits with the Reserve Bank of India (RBI) have spiked by 70% in the last 3 years and have doubled in the past 4 years. As of 2023, unclaimed deposits were strong at a mind-boggling 35,012 crores. That's enough to make your head spin! And guess which banks hold the highest amount of unclaimed deposits? State Bank of India comes in at number one, followed by Punjab National Bank and Canara Bank.

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These unclaimed deposits are those accounts that have money in them but haven't been touched for over a decade. But the problem is that claiming this money can be a real hassle for the rightful owners. Imagine having to visit each bank's website just to see if you have any unclaimed deposits. That's a lot of time and effort, especially if you're not even sure which banks you might have accounts with.

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How to deal with unclaimed deposits?

To deal with unclaimed deposits with no hassle, the RBI has developed a brand new lubricant that will make the process smoother than ever before. So what's the big deal, you ask? Well, RBI's new centralised portal is the answer! This portal is the one-stop solution for hunting down your unclaimed deposits. 

The RBI Governor, in the post-monetary policy committee meeting, has announced that this website will be operational in the next 3–4 months and is equipped with cutting-edge artificial intelligence tools. These AI tools are exclusively designed to enhance the search experience of the claimants. Moreover, this will be password-protected and will be given exclusive access only to claimants to search. 

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It's crazy to think that so much money is just waiting to be claimed. Who knows, maybe you or someone you know has some unclaimed deposits waiting for them? It's definitely worth looking into, especially considering the current economic climate. So, check if you have any unclaimed deposits. You never know what you might find!

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