Facts for Prelims (FFP)
Source: TH
Context: The Reserve Bank of India (RBI) has announced that it will launch a web portal to help beneficiaries retrieve unclaimed deposits.
Features of the portal:
- It will allow users to search for unclaimed deposits across multiple banks, using AI tools to enhance the search results.
- The portal will be password-protected, and only claimants will have access to search for unclaimed deposits.
- Banks are required to display the list of unclaimed deposits on their websites.
What are Unclaimed Deposits?
Deposits of individuals in any bank account that remain unclaimed for 10 years. These unclaimed deposits are transferred to the Depositor Education & Awareness Fund maintained by the RBI.
Other schemes of RBI
- RBI Retail Direct Scheme: It offers a new avenue for retail investors to directly invest in government securities issued by both Centre and state governments.
- RBI Integrated Ombudsman Scheme: For improving the grievance redress mechanism for resolving customer complaints against RBI’s regulated entities.
- RBI’s “Payments Vision 2025”with the objective to provide every user with safe, secure, fast, convenient, accessible and affordable e-payment options.
Prelims Links:
Consider the following statements: (UPSC 2019)
The Reserve Bank of India’s recent directives relating to the ‘Storage of Payment System Data, popularly known as data diktat, command the payment system providers that
- they shall ensure that entire data relating to payment systems operated by them are stored in a system only in India
- they shall ensure that the systems are owned and operated by public-sector enterprises
- they shall submit the consolidated system audit report to the Comptroller and Auditor General of India by the end of the calendar year
Which of the statements given above is/are correct?
(a) 1 only
(b) 1 and 2 only
(c) 3 only
(d) 1, 2 and 3
Ans: A
