New Delhi: Unclaimed deposits in the banking system have witnessed a jump of 26.8 per cent to ₹14,578 crore in 2018, Parliament was informed on Monday. The unclaimed deposits rose to ₹11,494 crore in 2017 from ₹8,928 crore in 2016, Finance Minister Nirmala Sitharaman said in a written reply to the Lok Sabha. State Bank of India (SBI) alone had an unclaimed deposit of ₹2,156.33 crore at the end of 2018, she said. With regard to the insurance sector, the minister said the life insurance sector reported unclaimed amounts of ₹16,887.66 crore while non-life was ₹989.62 crore at the end of September 2018. With regard to unclaimed amounts in insurance companies are concerned, the minister entities having unclaimed amounts for more than 10 years are required to transfer the amounts to the Senior Citizens' Welfare Fund (SCWF) on or before March 1 every year.

Source: Mint July 02, 2019 07:18 UTC