The Reserve Bank of India pressures financial institutions to accelerate efforts returning Rs 67,000 crore in forgotten deposits to legitimate claimants. Banks must locate owners of dormant accounts, expired fixed deposits, and uncollected dividends through enhanced outreach programs. Rural and semi-urban communities will receive focused attention during the October through December campaign targeting areas with limited financial awareness. State Level Bank Committees will examine deposit data by demographics and geographic distribution to improve recovery success rates.
Account balances become classified as unclaimed after ten years of customer inactivity, with banks transferring these funds to the central bank's special reserve account. The UDGAM online platform enables citizens to search for abandoned deposits across thirty participating banks representing ninety percent of total unclaimed values. Insurance companies face similar requirements, moving policyholder funds exceeding ten years to the Senior Citizens' Welfare Fund while maintaining claimant eligibility for twenty-five years after transfer.
Account balances become classified as unclaimed after ten years of customer inactivity, with banks transferring these funds to the central bank's special reserve account. The UDGAM online platform enables citizens to search for abandoned deposits across thirty participating banks representing ninety percent of total unclaimed values. Insurance companies face similar requirements, moving policyholder funds exceeding ten years to the Senior Citizens' Welfare Fund while maintaining claimant eligibility for twenty-five years after transfer.
