By CKG Nair, the writer is a public policy commentator

On September 30, the Reserve Bank of India (RBI ) took a bold step for reducing the substantial unclaimed deposits and flows in/to its Depositor Education and Awareness (DEA) Fund). It launched a year-long (October 1-September 30, 2026) incentive plan (Scheme for Facilitating Accelerated Payout—Inoperative Accounts and Unclaimed Deposits) for banks. Payments will be in the range of 5-7.5% of the amount in the inoperative/unclaimed account settled, subject to ceiling in the range of Rs 5,000-25,000 based on the duration of the account’s non-operation. This unconventional regulatory activism follows a September 26 RBI notification simplifying and harmonising the settlement of deceased persons’ accounts to their nominees or successor

See Full Page