Unclaimed Funds
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RBI to Develop Centralised Online Portal to Access Details of Unclaimed Deposits Across Banks
The Reserve Bank on Thursday said a centralised portal will be developed to access details of unclaimed deposits by depositors or their beneficiaries across various banks.
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Supreme Court Notice To Centre On Plea Seeking Unclaimed Funds' Database
The Supreme Court on Friday sought response from the Centre and others on a plea seeking directions to create a centralised database providing information about bank accounts, insurance, post office funds etc. held by deceased account holders.
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LIC Sits On Over Rs 21,500 Crore Unclaimed Funds, IPO Papers Show
State-owned insurance behemoth LIC had unclaimed funds to the tune of Rs 21,539 crore as of September 2021, according to draft prospectus filed for IPO with market regulator SEBI.
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Over 9,500 Benami Amrapali Flats To Be Resold To Fund Stalled Projects
The Supreme Court has initiated the process to cancel the bookings of over 9,500 Amrapali project flats, which are unclaimed or booked in the name of fictitious persons or are benami property, to fund stalled projects.
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Haryana To Rehabilitate, Educate Unclaimed Children
Haryana has launched a new scheme to provide support to unclaimed children in the state. The state government will be giving funds to rehabilitate such children and provide access to education and employment opportunities.
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Unions Protest Government Order To Use Unclaimed EPFO Funds
Trade unions on Tuesday decided to boycott retirement fund body EPFO trustees' meet protesting Finance Ministry's decision to use unclaimed PF money for senior citizens' welfare schemes.
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Have Not Claimed PF Money? Here Is Some Good News
The Employee Provident Fund Organization may start paying interest on the unclaimed money lying idle in the dormant accounts from April 1, The Times of India newspaper reported.
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PF: Plans to Locate Beneficiaries of Unclaimed Rs 27,000 Crore
The government is planning to locate beneficiaries through a nationwide campaign to give away an amount of about Rs 27,000 crore lying inoperative with the Employees Provident Fund Organisation (EPFO).
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Finance Ministry Sets Up Panel on Unclaimed PPF, Small Savings Deposits
Finance Minister Arun Jaitley has set up a committee under Reserve Bank of India (RBI) Deputy Governor H R Khan to assess the amount of unclaimed deposit in the popular Public Provident Fund (PPF) and Post Office saving schemes, and suggest steps for utilization of funds for the benefit of senior citizens.
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Interest on Claims in Depositor Education Fund Only From Date of Account Transfer: RBI
Interest on unclaimed deposits with banks will be payable only from the day they are transferred to a newly set up fund for educating depositors, the Reserve Bank of India (RBI) has said.
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RBI Asks Banks to Remit Unclaimed Deposits to DEAF by June 30
After the first transfer of amounts, banks should transfer amounts becoming due in each calendar month on the last working day of the subsequent month.
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RBI proposes to use unclaimed money on depositors' education
As per the proposal, the banking sector deposits which have not been claimed for 10 years or more will be transferred to 'Depositor Education and Awareness Fund Scheme'.
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RBI to Develop Centralised Online Portal to Access Details of Unclaimed Deposits Across Banks
The Reserve Bank on Thursday said a centralised portal will be developed to access details of unclaimed deposits by depositors or their beneficiaries across various banks.
-
Supreme Court Notice To Centre On Plea Seeking Unclaimed Funds' Database
The Supreme Court on Friday sought response from the Centre and others on a plea seeking directions to create a centralised database providing information about bank accounts, insurance, post office funds etc. held by deceased account holders.
-
LIC Sits On Over Rs 21,500 Crore Unclaimed Funds, IPO Papers Show
State-owned insurance behemoth LIC had unclaimed funds to the tune of Rs 21,539 crore as of September 2021, according to draft prospectus filed for IPO with market regulator SEBI.
-
Over 9,500 Benami Amrapali Flats To Be Resold To Fund Stalled Projects
The Supreme Court has initiated the process to cancel the bookings of over 9,500 Amrapali project flats, which are unclaimed or booked in the name of fictitious persons or are benami property, to fund stalled projects.
-
Haryana To Rehabilitate, Educate Unclaimed Children
Haryana has launched a new scheme to provide support to unclaimed children in the state. The state government will be giving funds to rehabilitate such children and provide access to education and employment opportunities.
-
Unions Protest Government Order To Use Unclaimed EPFO Funds
Trade unions on Tuesday decided to boycott retirement fund body EPFO trustees' meet protesting Finance Ministry's decision to use unclaimed PF money for senior citizens' welfare schemes.
-
Have Not Claimed PF Money? Here Is Some Good News
The Employee Provident Fund Organization may start paying interest on the unclaimed money lying idle in the dormant accounts from April 1, The Times of India newspaper reported.
-
PF: Plans to Locate Beneficiaries of Unclaimed Rs 27,000 Crore
The government is planning to locate beneficiaries through a nationwide campaign to give away an amount of about Rs 27,000 crore lying inoperative with the Employees Provident Fund Organisation (EPFO).
-
Finance Ministry Sets Up Panel on Unclaimed PPF, Small Savings Deposits
Finance Minister Arun Jaitley has set up a committee under Reserve Bank of India (RBI) Deputy Governor H R Khan to assess the amount of unclaimed deposit in the popular Public Provident Fund (PPF) and Post Office saving schemes, and suggest steps for utilization of funds for the benefit of senior citizens.
-
Interest on Claims in Depositor Education Fund Only From Date of Account Transfer: RBI
Interest on unclaimed deposits with banks will be payable only from the day they are transferred to a newly set up fund for educating depositors, the Reserve Bank of India (RBI) has said.
-
RBI Asks Banks to Remit Unclaimed Deposits to DEAF by June 30
After the first transfer of amounts, banks should transfer amounts becoming due in each calendar month on the last working day of the subsequent month.
-
RBI proposes to use unclaimed money on depositors' education
As per the proposal, the banking sector deposits which have not been claimed for 10 years or more will be transferred to 'Depositor Education and Awareness Fund Scheme'.
