The Reserve Bank of India (RBI) launched the ‘100 Days 100 Pays’ campaign on June 1 to track and resolve the top 100 unclaimed deposits per bank per region within 100 days.

The central bank earlier said so-called unclaimed deposits, or accounts that had not been operated for 10 years or more, were transferred by state-owned banks to the RBI at the end of February, totalling Rs 35,012 crore.

The banking regulator’s ‘100 Days 100 Pays’ campaign will complement its efforts to reduce the number of unclaimed deposits in the banking system and return such deposits to their rightful owners/claimants.

“To improve and expand depositor/beneficiary access to such data, RBI has decided to develop a portal to enable searching for potentially unclaimed deposits across multiple banks based on user input,” RBI Governor Shaktikanta Das announced in April When indicating the first bi-monthly monetary policy of the fiscal year.

The central bank also announced the creation of a central portal for the public to search for unclaimed deposits in various banks. The RBI said it would use artificial intelligence (AI) tools to enhance search results to improve access to such data by depositors or beneficiaries.

The central bank refers to balances in checking/savings accounts that have not been operated for 10 years or deposits that have not been claimed within 10 years from the maturity date as “unclaimed deposits”.

Through its public awareness initiatives, RBI has encouraged the public to identify and contact concerned banks to claim such deposits.

The bank transfers these amounts to the Depositor Education and Awareness (DEA) Fund maintained by RBI. Banks will display a list of unclaimed deposits on their website.

State Bank of India (SBI), the country’s largest bank, topped the list of unclaimed deposits worth Rs 8,086 crore, followed by Punjab State Bank at Rs 5,340 crore and Canara Bank at Rs 4,558 crore.