What is 100 Days 100 Pays campaign from RBI?

Recently, the Reserve Bank of India (RBI) announced a ‘100 Days 100 Pays’ campaign for banks to trace and settle the top 100 unclaimed deposits of every bank in every district of the country within 100 days. This initiative will reduce the quantum of unclaimed deposits in the banking system and return such deposits to their rightful owners or claimants. An unclaimed deposit is one which does not see any activity like the infusion of funds, withdrawal, etc. from the depositor for 10 years or more, and is deemed as an inactive deposit. The total amount of unclaimed deposits transferred to the RBI by public sector banks was Rs 35,012 crore till February 2023 as against Rs 48,262 crore in March 2022.