RBI to create a centralised Web Portal for the Public to Search Unclaimed Deposits
Additional measures announced by RBI
Mumbai : The RBI on Thursday announced development of a web portal to enable search across multiple banks for possible unclaimed deposits. This will help depositors/beneficiaries in getting back unclaimed deposits.
“At present, the depositors or beneficiaries of unclaimed bank deposits of 10 years or more have to go through the websites of multiple banks to locate such deposits. Now, in order to improve and widen the access of depositors / beneficiaries to information on such unclaimed deposits, it has been decided to develop a web portal to enable search across multiple banks for possible unclaimed deposits. This will help depositors/beneficiaries in getting back unclaimed deposits” said RBI governor shaktikanta Das.
Operation of Pre-Sanctioned Credit Lines at Banks through the UPI
The RBI has proposed to expand the scope of UPI by permitting operation of pre-sanctioned credit lines at banks through the UPI. This initiative will further encourage innovation. “ The Unified Payments Interface (UPI) has transformed retail payments in India. UPI’s robustness has been leveraged to develop new products and features from time to time. Recently, RuPay credit cards were permitted to be linked to UPI. This was in addition to the existing facility of linkage of UPI with deposit accounts. It is now proposed to expand the scope of UPI by permitting operation of pre-sanctioned credit lines at banks through the UPI. This initiative will further encourage innovation” announced RBI Governor Shaktikanta das.
Developing an Onshore Non-deliverable Derivative Market
Banks in India with IFSC Banking Units (IBUs) were earlier permitted to transact in Indian Rupee (INR) non-deliverable foreign exchange derivative contracts (NDDCs) with non-residents and with other eligible banks having IBUs. It is now proposed to permit banks with IBUs to offer NDDCs involving INR to resident users in the onshore market. This measure will further deepen the forex market in India and provide enhanced flexibility to residents in meeting their hedging requirements.
Grievance Redress Mechanism relating to Credit Information Reporting by Credit Institutions and Credit information provided by Credit Information Companies
Recently, the Credit Information Companies (CICs) were brought under the purview of the Reserve Bank Integrated Ombudsman Scheme (RB-IOS). It is now proposed to put in place the following measures: (i) a compensation mechanism for delayed updation/rectification of credit information reports; (ii) a provision for SMS/email alerts to customers whenever their credit information reports are accessed; (iii) a timeframe for inclusion of data received by CICs from Credit Institutions; and (iv) disclosures on customer complaints received by CICs. These measures will further enhance consumer protection.