The Committee, which has been set up in pursuance of the announcement made by the Minister in his Budget speech, will also suggest whether the unclaimed deposit should come to government or be kept in a separate account.
In a bid to help people who have unclaimed deposits lying with banks, the Reserve Bank of India on Monday directed banks to prominently display such account holders' names on the websites and provide them with a "Find" option to locate the information easily.
Private banks are sitting on unclaimed amount of Rs. 195.9 crore.
As per the proposal, the banking sector deposits which have not been claimed for 10 years or more will be transfered to 'Depositor Education and Awareness Fund Scheme'.
An unclaimed laptop bag found near an army hospital in New Delhi on Monday sparked security alert and securitymen went into a tizzy with reports of abandoned vehicles in two separate incidents.
Money to the tune of Rs 3,837 crore was lying unclaimed in the inoperative accounts of Employees Provident Fund.
Finance Minister Jaswant Singh on Tuesday told the Rajya Sabha that the unclaimed fixed deposits of banks are deposited in a separate fund of Department of Company Affairs after a period of seven years of maturity.
An unclaimed suitcase lying near the entrance of the international terminal at the Chennai airport created panic among passengers in the wee hours of Friday, before it was moved to a cooling pit by the Bomb Disposal Squad.According to airport sources, the suitcase was noticed near a restaurant around 2 am.The Bomb Disposal Squad personnel of the Bureau of Civil Aviation immediately rushed to spot. On opening the suitcase, they found some clothes and an old watch, sources said
Security personnel deployed at the airport went into a tizzy after the bag was noticed lying unclaimed and informed the airport police.
Better protection for depositors and investors was one of the chief considerations in Union Finance Minister Nirmala Sitharaman introducing, on Friday, the Banking Laws (Amendment) Bill, 2024, in the Lok Sabha to amend four pieces of legislation. This amendment is also to improve audit quality in public-sector banks (PSBs), offer consistency in reporting by banks to the Reserve Bank of India (RBI), and provide for an increase in the tenure of directors in cooperative banks.
Unclaimed tiffin-boxes in a Mumbai bus and train station create scare among commuters.
Arun Jaitley presented the Union Budget in Parliament on Saturday.
The Insurance Regulatory and Development Authority of India (IRDAI) has asked life insurance companies not to advertise unit-linked plans as investment products in a recent circular.
An e-mail received by a TV channel has claimed that all the executors of the blasts escaped safely, except one who was killed in the blasts. Raghuvanshi said this claim in the e-mail can be ascertained only when the body is identified.
16 lakh refunds worth crores lying unclaimed at I-T.
Finance Minister Nirmala Sitharaman on Tuesday asked banks and other financial institutions to ensure that their customers must update nominees to help resolve the problem of unclaimed money in future. "I want the banking system, the financial ecosystem including the mutual funds, stock markets to keep in mind that when someone deals with his (customer's) money, the organisations will have to think about the future and ensure that customers nominate their heirs, give the name and address," Sitharaman said speaking at the Global Fintech Fest (GFF) in Mumbai. According to a report, the banking system alone has more than Rs 35,000 crore of unclaimed deposits, while the overall quantum of the unclaimed money is said to be more than Rs 1 lakh crore.
The aircraft was brought back to the bay after a mobile phone was found on one of the seats and all the passengers were deplaned for a thorough frisking.
Policyholders would be given an option to check whether any amount is lying due with insurance firms
It is not impossible to claim a 10-15-year-old deposit, but the process can be cumbersome and time taking.
Ramalingam Kalirajan offers some easy steps to reactivate your accounts with banks like SBI, HDFC Bank, IDFC First Bank and PNB just so that you can start availing all the benefits linked to your account.
Pathankot Senior Superintendent of Police R K Bakshi said that sleuths found that the bag contained uniform, shoes and other articles of an Army jawan who had left it behind.
Prime Minister Narendra Modi on Thursday mocked Shiv Sena (UBT) chief Uddhav Thackeray for "handing over the remote control" of the party to the Congress as he took poll battle to Mumbai with less than a week left for voting in Maharashtra.
Officials said the three others who have been arrested are Ghosh's security guard Afsar Ali (44), and hospital vendors Biplav Singha (52) and Suman Hazara (46) who used to supply material to the hospital.
The agency has slapped Section 120B of IPC (criminal conspiracy) read with Section 420 IPC (cheating and dishonesty) and Section 7 of Prevention of Corruption Act, 1988 (amended in 2018) which covers unlawful acceptance of gratification by a public servant.
The size of Reserve Bank's balance sheet increased by 11.08 per cent to Rs 70.47 lakh crore as on March 2024, leading to the highest-ever dividend payout to the government, according to the central bank's annual report. In actual terms, the increase was Rs 7,02,946.97 crore over Rs 63.45 lakh crore as on March 2023.
Land, houses and other infrastructure facilities required for the rehabilitation procedure would be constructed at the earliest, the authorities said.
'...but the incredible person you were.' 'I am deeply thankful for having known you, for the love and the challenges we shared.' On Parveen Babi's 70th birth anniversary on April 4, Mahesh Bhatt pays tribute to the woman who held a special place in his life.
Several people are still feared trapped in the debris after a series of landslides that occurred in Chooralmala and Mundakkai of Wayanad.
After several losses in the early years of the new century, a resurgent India notched up two consecutive series wins in Australia to become the Aussies' nemesis.
Apart from 278 deaths, 1,100 people were injured in the June 2 accident.
A large number of arms and ammunition of the police have allegedly been looted by the rioters during the violence.
The move comes days after a delivery agent and his associate were allegedly robbed of Rs 2 lakh at gunpoint by four motorcycle-borne men inside the Pragati Maidan tunnel. Five people have so far been arrested in connection with the Saturday incident.
The FM also proposed that the maximum deposit limit for Monthly Income Account Scheme will be enhanced from Rs 4.5 lakh to Rs 9 lakh for a single account and from Rs 9 lakh to Rs 15 lakh for a joint account.
A 10-member Central Bureau of Investigation (CBI) team on Monday visited the Balasore train accident site and began its probe into the triple train crash, a Railway official said.
The demolition was being carried out in presence of the school managing committee (SMC) members and Public Works Department officials.
As much as Rs 26,697 crore was lying in dormant accounts of banks, including cooperative banks, as on December 31, 2020, Finance Minister Nirmala Sitharaman informed the Rajya Sabha on Tuesday. This money is lying in nearly 9 crore accounts which have not been operated for 10 years. As per information received from the Reserve Bank of India (RBI), as on December 31, 2020, the total number of such accounts in Scheduled Commercial Banks (SCBs) was 8,13,34,849 and the amount of deposits in such accounts was Rs 24,356 crore, Sitharaman said in a reply.
The DGP said after concealing the contraband, the accused persons had meticulously welded the door border and repainted it.
A remarkable story which helped in transforming a bureaucratic organization, to a customer centric organization. This experience may inspire several government / private organizations to modify or adopt digitisation to transform their business, notes Professor N Ravichandran (retd).
Over seven months of violence severely hit businesses, schools, colleges and other institutions, besides disrupting transportation and communication networks. It also affected the agrarian sector, considered the mainstay of the state economy.
