The Financial Stability and Development Council (FSDC) will start a special campaign to help customers get their unclaimed bank funds back. The FSDC, which is led by Finance Minister Nirmala Sitharaman, discussed launching a special campaign to help the individuals who need it get access to unclaimed funds that are held in banks and other financial institutions. Economic Affairs Secretary Ajay Seth provided information on the discussion held at the FSDC meeting. He said that it was discussed in the meeting that the regulators should run a specific campaign to reach the concerned people with the unclaimed money put in the banks.
Declared that a special campaign needed to be launched.
In addition, it was made clear that a specific campaign in the financial sector was required. To get unclaimed shares, dividends, mutual funds, insurance, etc. to the appropriate parties or nominees. “It was noted that in the Union Budget, an announcement was made about conducting a special campaign by the regulators of the concerned sector. To reach the unclaimed deposits, shares, and dividends to the concerned people,” the speaker added. This campaign should be carried out particularly when the individual mentioned in the account has their information but is unaware of it.
When Seth transferred 35000 crores to the Reserve Bank of India
he assured them that the work would be completed correctly. In these situations, where the nominee’s information is unknown, the job will be completed in accordance with the established protocol. It is interesting that up to February 2023, the public sector banks had sent the Reserve Bank around Rs 35,000 crore in unclaimed funds. This sum was deposited into accounts that have not seen a transaction in at least 10 years. 10.24 crore accounts were connected to the unclaimed money.
A centralized gateway linked to this will be created in three to four months
the RBI stated last month. Depositors and beneficiaries can use this to get out about unclaimed deposits that are located at various banks. All financial sector regulators, including RBI Governor Shaktikanta Das, attended the 27th meeting of the FSDC. After the budget for 2023–24 was presented, this was the FSDC’s first meeting. According to Seth, it was agreed upon during the meeting that all of the participants would try to maintain financial stability.
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