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LATEST UPDATES
Inoperative Accounts/Unclaimed Deposits in Banks
The Reserve Bank on January 1, 2024 as a measure to assist the account holders and with a view to consolidating and rationalising the extant instructions on inoperative accounts, decided to issue comprehensive guidelines on the measures to be put in place by the banks covering various aspects of classifying accounts and deposits as inoperative accounts and unclaimed deposits, as the case may be, periodic review of such accounts and deposits, measures to prevent fraud in such accounts/deposits, grievance redressal mechanism for expeditious resolution of complaints, steps to be taken for tracing the customers of inoperative accounts/unclaimed deposits including their nominees/legal heirs for re-activation of accounts, settlement of claims or closure and the process to be followed by them. These instructions were expected to complement the ongoing efforts and initiatives taken by banks and the Reserve Bank, to reduce the quantum of unclaimed deposits in the banking system and return such deposits to their rightful owners/ claimants.
Enhancing UPI transaction limit for Specified Categories
To encourage the use of UPI for medical and educational services, it is proposed to enhance the limit for payments to hospitals and educational institutions from ₹1 lakh to ₹5 lakh per transaction. Earlier, in December 2021, the transaction limit for UPI payments for Retail Direct Scheme and for IPO subscriptions were increased to ₹5 lakh.
Classification of MSMEs _ URC
The Reserve Bank on December 28, 2023 amended the Master Direction on ‘Lending to Micro, Small & Medium Enterprises (MSME) Sector’. As per the amendment the existing Para 2.2 of the direction was revised as ‘All the above enterprises are required to register online on the Udyam Registration portal and obtain ‘Udyam Registration Certificate’. For PSL purposes banks shall be guided by the classification recorded in the Udyam Registration Certificate (URC).
Shri Manoranjan Mishra appointed as RBI Executive Director
The Reserve Bank on November 1, 2023 appointed Shri Manoranjan Mishra as Executive Director with effect from November 1, 2023. Prior to being promoted as Executive Director.
UDGAM Portal
The Reserve Bank on October 5, 2023 informed that the search facility in UDGAM portal has been made available for 30 banks on September 28, 2023, which covers around 90 per cent of unclaimed deposits (in value terms) in Depositor Education and Awareness (DEA) Fund. The Reserve Bank on August 17, 2023 developed a Centralised Web Portal उद्गम UDGAM (Unclaimed Deposits – Gateway to Access inforMation) for use by members of public to facilitate and make it easier for them to search their unclaimed deposits across multiple banks at one place.