‘100 Days 100 Pays’ Campaign

May 13, 2023

The Reserve Bank of India (RBI) recently announced the launch of the ‘100 Days 100 Pays’ campaign on June 1. This campaign aims to trace and settle the top 100 unclaimed deposits in every bank across all districts within a span of 100 days.

Objective and Scope of the ‘100 Days 100 Pays’ Campaign

The primary objective of the ‘100 Days 100 Pays’ campaign is to proactively address the issue of unclaimed deposits held by banks. The campaign specifically targets the top 100 unclaimed deposits in each bank within every district, aiming for a comprehensive and widespread settlement. By focusing on these deposits, the RBI aims to ensure that the rightful owners or claimants receive their long-overdue funds.

Magnitude of Unclaimed Deposits

As per the RBI’s available data until February, Public Sector Banks had transferred a substantial amount of ₹35,012 crore as unclaimed deposits to the RBI. This staggering amount underscores the significance of addressing the issue promptly and effectively.

Web Portal and AI Tools for Enhanced Access

In a recent announcement, the RBI revealed its plans to launch a dedicated web portal to facilitate the search for unclaimed deposits across multiple banks. This user-friendly portal will enable individuals to input their details and initiate a comprehensive search for any possible unclaimed deposits. To enhance the search results, the RBI will incorporate certain AI tools. This initiative is aimed at widening access and improving the information available to depositors and beneficiaries.

Classifying Unclaimed Deposits

To identify unclaimed deposits, certain criteria are followed. Savings/current accounts that remain unoperated for a period of 10 years, as well as term deposits that remain unclaimed for 10 years from the date of maturity, are classified as “Unclaimed Deposits.” This classification helps banks and financial institutions identify and address these dormant funds.

Depositor Education and Awareness (DEA) Fund

Banks transfer the amounts of unclaimed deposits to the Depositor Education and Awareness (DEA) fund maintained by the RBI. This fund plays a crucial role in creating awareness and educating depositors about their rights and the importance of actively managing their accounts.

Ensuring Transparency: Display of Unclaimed Deposits on Bank Websites

In a bid to maintain transparency and aid the search for unclaimed deposits, banks are required to display the list of unclaimed deposits on their respective websites. This step provides depositors with easy access to information and enables them to initiate the process of reclaiming their funds.

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