Banks to launch drive to settle unclaimed deposits

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A consensus was reached in the meeting of the Financial Stability and Development Council with suggestions from the finance minister Nirmala Sitharaman. Regulators have also been advised by the FM to return unclaimed amt deposited in stocks, mutual funds, and insurance. So far, PSU banks have transferred unclaimed amt of 35,000 crore rupees to RBI in February 2023.

DGCA has asked the airline to stop booking tickets immediately. The aviation regulator has issued a notice to GoFirst for failing to operate in a safe and reliable manner. Last week, the airline faced financial crisis has submitted insolvency resolution application to NCLT. DGCA has directed the airline to refund the full ticket cost back to its customers. In the next 15 days, GoFirst will have to give a reply to the notice sent by DGCA. And based on this the decision to continue with the air operating certificate will be decided.

Silver ETFs are surely becoming a firm favourite investors and our next box too will focus on that. By March 2023, the asset base has increased to 1800 crore rupees. SEBI launched Silver ETF, about a year and a half ago. Silver ETF has been getting a lot of support from investors like Gold ETF. Because the investors are getting the assurance of purity and there is no hassle of physical storage.

And we come to the last box and its derailed. Because more than 2.5 crore passengers could not travel by train in the last financial year. This is due to non-confirmation of tickets which were in the waiting list due to lack of adequate trains on busy routes in the country. Back in FY 2021-22, the number of passengers was 1 crore 65 lakhs. The inconvenience caused to passengers was due to non confirmation of tickets which was a major problem. The railways is trying to increase train availability on public demand. With the increase in trains, there will be possibility of cancellation of waiting class tickets.