The apex bank of the country Reserve Bank of India reported that the bank is planning to utilize unclaimed deposits in Banks for depositor’s awareness. It has been reported that the banks are having approximately a sum of Rs 3,500 crore as unclaimed deposits.
The deposits that are not claimed from the past 10 year will be used in creating awareness among depositors. There will be provisions to reclaim the money. A panel of maximum 11 members will be formed to monitor these funds. The unclaimed amount available in foreign currency will be converted in to rupee at the present exchange rate and if reclaimed it will be refunded in rupees. The funds will be used for enhance awareness among depositors and improve interest of depositors.