reserve Bank of India
– Photo: amarujala.com
Expansion
The Reserve Bank of India has released its annual report for the financial year 2023-24. The central bank (RBI) has projected the Indian economy to grow at a rate of 7% in the current financial year (2024-25) starting from April. In its annual report released on May 30, the RBI has said that with inflation moving towards the targeted level, consumption demand will accelerate, especially in rural areas.
According to the report, the strength of the external sector and foreign exchange reserves will protect domestic economic activities from global influences. The report states that geopolitical tensions, global commodity price fluctuations, uncertain weather events pose negative risks to growth prospects.
In its report, the central bank said the Indian economy will have to deal with the challenges posed by the rapid adoption of AI/ML technologies and recurring climate shocks.
According to RBI, the Indian economy is well positioned to increase the pace of growth in the next decade in a scenario of macroeconomic and financial stability. RBI has also said in its report that GDP growth is strong on the back of solid investment demand supported by strong balance sheets of banks and corporate sector.
Unclaimed deposits lying in banks rise to Rs 78,213 crore
Unclaimed deposits in banks rose 26 per cent year-on-year to Rs 78,213 crore at end-March 2024. The amount with the Depositor Education and Awareness Fund was Rs 62,225 crore at end-March 2023. Banks, including co-operative banks, transfer unclaimed deposits of account holders lying in their accounts for 10 years or more to the Depositor Education and Awareness (DEA) Fund of the Reserve Bank of India. To facilitate depositors to search unclaimed deposits across multiple banks easily and at one place, the Reserve Bank has developed a centralised web portal Udgam – Unclaimed Deposit Gateway to Access Information.