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Rs 24,356 crore of unclaimed deposit lying with SCBs; Performance-based challenge fund of Rs 8,000 cr recommended to States

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Rs 24,356 crore of unclaimed deposit lying with Scheduled Commercial Banks (SCBs)In accordance with the information provided by the Reserve Bank of India (RBI), the total amount of unclaimed deposits of Scheduled Commercial Banks (SCBs) was Rs. 24,356 crore, as on July 31, 2020.

  • This was stated by Minister of State (MoS) Dr Bhagwat Kisanrao Karad, Ministry of Finance in a written reply to a question in Rajya Sabha.
  • Unclaimed deposits have increased by Rs. 5,977 crore in the year 2020, as compared to the year 2019.

Click her for bank-wise detail

Point to be noted:

The Minister further stated that pursuant to the amendment of the Banking Regulation Act, 1949, and insertion of section 26A, RBI has framed the Depositor Education and Awareness Fund (Fund) Scheme, 2014 (Scheme).

  • As per the Scheme, the Fund is utilized for promotion of depositors’ interests and for such other purposes which may be necessary for promotion of depositors’ interest as may be specified by RBI.

Finance Commission recommended performance-based challenge fund of Rs 8,000 crore to States for incubation of new cities

The 15th Finance Commission, in its latest report to the Centre, has recommended a performance-based challenge fund of Rs 8,000 crore to 8 states for incubation of new cities.

  • The amount available for each proposed new city is Rs 1,000 crore and a state can have only one new city under the proposed scheme.
  • This information was provided by Minister of State (MoS) Kaushal Kishore, Ministry of Housing and Urban Affairs (MoHUA) in a written reply in the Rajya Sabha.

 Key Point:

The smart cities that have opted for greenfield development or a combination of models are Jharkhand (Ranchi), Maharashtra (Aurangabad), Gujarat (Rajkot), Andhra Pradesh (Amravati), Madhya Pradesh (Satna), West Bengal (New Town Kolkata), Maharashtra (Nashik) and Chhattisgarh (Atal Nagar).

Recent Related News:

On May 30, 2021, the Ministry of Finance has extended the validity of the Emergency Credit Line Guarantee Scheme (ECLGS) for another 3 months till September, 30, 2021 or till guarantee for an amount of Rs 3 lakh crore is issued.

About Ministry of Finance:

Union Minister– Nirmala Sitharaman (Constituency – Karnataka).
Ministers of State– Pankaj Chaudhary, and Dr. Bhagwat Kishanrao Karad