The Reserve Bank of India (RBI) has set goals for banks to promote initiatives, like the central bank digital currency and recovery of unclaimed deposits. RBI is closely watching banks to see if they meet these targets. For example, RBI wants one million digital currency transactions daily by December, even though some bankers think it might not be very useful because the Unified Payments Interface (UPI) is already popular.
RBI is also checking how well banks are doing in the “100 Days 100 Pays” campaign, where they have to find and settle the top 100 unclaimed deposits in every district. This campaign started in June and will end on September 8. RBI is acting like the finance ministry, according to a senior official from a public sector bank. RBI keeps checking with banks, and the banks’ leaders have to give updates to RBI on how well they are doing with unclaimed deposits.
Money or term deposits that are lying unused in savings or current account for 10 years are called unclaimed deposit. Banks transfer this money to a fund called the depositor education and Awareness (DEA) fund. This fund is managed by Reserve Bank of India.
The central bank has also made a website where the public can find unclaimed deposits that they might have in multiple banks.