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Centralized portal for unclaimed deposits
RBI has announced that it will develop a centralized web portal allowing depositors or their beneficiaries to access information on unclaimed deposits across various banks. The portal will enable search across multiple banks for possible unclaimed deposits based on user inputs, with search results enhanced by the use of certain AI tools.
As of February 2023, public sector banks (PSBs) transferred unclaimed deposits worth Rs 35,000 crore to the RBI regarding deposits that were not operated for 10 years or more. State Bank of India (SBI) topped the chart of unclaimed deposits worth Rs 8,086 crore, followed by Punjab National Bank (Rs 5,340 crore), Canara Bank (Rs 4,558 crore), and Bank of Baroda (Rs 3,904 crore).
Deposits remaining unclaimed for 10 years in a bank are transferred to the Depositor Education and Awareness Fund maintained by the RBI. The new portal will improve access to depositors/beneficiaries to such data.
Strengthening customer protection for credit information
RBI has also taken steps to improve the efficacy of the grievance redressal mechanism and customer service provided by credit institutions (CIs) and credit information companies (CICs). RBI has brought CICs under the aegis of the Reserve Bank Integrated Ombudsman Scheme (RB-IOS). RBI will also put in place a compensation mechanism for delayed updation/rectification of credit information, a provision for SMS/email alerts to customers when their credit information is accessed from CICs, a timeframe for ingestion of data received by CICs from CIs, and disclosures relating to the number and nature of customer complaints received on the website of CICs.
Gold purchase by RBI
In a separate announcement, the World Gold Council revealed that RBI purchased 3 tonnes of gold in February 2023, increasing India's total gold reserves to 790.2 tonnes. India now holds 8% of the world's total gold reserves.
According to the World Gold Council, the Reserve Bank of India (RBI) purchased 3 tonnes of gold in February 2023, increasing India's total gold reserves to 790.2 tonnes. India now holds 8% of the world's total gold reserves.
Quarterly gold reserve data for India
The World Gold Council compiles data using IMF IFS statistics, which track central banks' reported purchases and sales of gold as a percentage of their international reserves. The data shows that India's gold reserves were 760.42 tonnes in Q1 2022, 767.89 tonnes in Q2 2022, 785.35 tonnes in Q3 2022, and 787.40 tonnes in Q4 2022.
Gold plays an important role in central banks' reserve management, and they are significant holders of gold.
Gold prices hit over a one-year high
Gold prices rose above the key $2,000-per-ounce mark, reaching a one-year high, while the dollar index fell by 0.1%, making bullion cheaper for buyers holding other currencies. Domestic gold prices rose by 7% due to the appreciation of the Indian Rupee, according to Quantum Mutual Fund View's Gold Outlook for April.
Gold prices rally on weaker US economic data
Gold prices rallied by 2% on 4 April 2023, reaching their highest point over a year after releasing weaker-than-expected US economic data. The data indicated a slowing economy and strengthened expectations of a less-aggressive US Federal Reserve policy. Quantum Mutual Fund View's Gold Outlook for April predicted that a fresh round of easing would undermine the Fed's efforts to bring down stubbornly high inflation, which will be positive for gold.