RBI Launches ‘100 Days 100 Pays’ Initiative to Return Unclaimed Deposits


RBI Launches ‘100 Days 100 Pays’ Initiative to Return Unclaimed Deposits

June 2, 2023: In a proactive move to address unclaimed deposits in the banking system, the Reserve Bank of India (RBI) has launched a unique initiative called ‘100 Days 100 Pays.’

The program aims to expedite the process of returning unclaimed funds to their rightful owners within a designated period of 100 days.

Unclaimed deposits, which include dormant bank accounts, fixed deposits, and matured insurance policies, often remain idle and unutilized for extended periods.

The ‘100 Days 100 Pays’ initiative seeks to address this issue by actively reaching out to individuals who may have forgotten about or neglected their financial assets.

Under the program, the RBI will collaborate with commercial banks and other financial institutions to identify and track unclaimed deposits.

The process involves leveraging advanced data analytics and technology to match the available deposit information with the respective account holders.

To raise awareness about the initiative, the RBI will launch an extensive communication campaign across multiple channels, including newspapers, television, radio, and social media.

The aim is to encourage individuals to come forward and claim their dormant accounts and other unclaimed assets.

Account holders or their legal heirs will be required to provide appropriate documentation and proof of identity to initiate the claims process.

The RBI has assured that the entire process will be streamlined and simplified to ensure ease of access for claimants.

The ‘100 Days 100 Pays’ initiative reflects the RBI’s commitment to consumer protection and financial inclusion.

By returning unclaimed deposits to their rightful owners, the central bank aims to restore faith in the banking system and promote financial literacy among individuals.

It is important to note that unclaimed deposits do not become the property of the banks or financial institutions.

These funds continue to belong to the account holders or their legal heirs, and the ‘100 Days 100 Pays’ initiative serves as a facilitator to reunite them with their assets.

The initiative is expected to have a positive impact on the banking sector as a whole. It will not only help individuals regain control of their dormant funds but also enable banks to clean up their balance sheets and improve overall financial transparency.

The RBI has encouraged individuals to proactively check their account statements and contact their respective banks to ascertain if they have any unclaimed deposits.

Additionally, the central bank has urged the public to maintain updated contact details with their banks to ensure smooth communication regarding their financial assets.

The ‘100 Days 100 Pays’ initiative is a significant step towards creating a more accountable and customer-centric banking system in India.

By proactively returning unclaimed deposits, the RBI aims to foster trust, encourage financial responsibility, and ensure the efficient utilization of financial resources in the country.

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