On Thursday, the Reserve Bank of India (RBI) announced a centralised portal for accessing details of depositors’ or their beneficiaries’ unclaimed deposits across banks.

As of February 2023, about Rs 35,000 crore of unclaimed deposits have been transferred to RBI from Public Sector Banks (PSBs), which have ceased operations for 10 years or more.

In announcing the first bi-monthly monetary policy of the current fiscal year, RBI Governor Shaktikanta Das said that to improve and expand access for depositors or beneficiaries, a decision has been taken to develop a portal to search for possible deposits across multiple banks. Unclaimed deposits 2023-24.

State Bank of India (SBI) topped the list of unclaimed deposits worth Rs 8,086 crore, Punjab National Bank at Rs 5,340 crore, Canara Bank at Rs 4,558 crore, and Bank of Baroda at Rs 3,904 crore.