From October to December, banks will run a special outreach in rural and semi-urban areas. Localised publicity in multiple languages will be used via print and electronic media. This effort will help account holders identify their dormant deposits quickly.

Savings and current accounts inactive for ten years, or term deposits unclaimed after maturity, are classified as unclaimed. Banks transfer these funds to the Depositor Education and Awareness (DEA) fund. Moreover, State Level Bank Committees (SLBCs) will examine deposit data to locate owners efficiently and settle deposits.

The RBI’s UDGAM portal allows people to check unclaimed deposits across multiple banks. Insurance companies must send unclaimed policy amounts over ten years to the Senior Citizens’ Welfare Fund (SCWF). Even after transfer, policyholders can claim funds for up to 25 years. Consequently, the scheme supports senior citizens and strengthens rural financial access.

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In August, the RBI kept the policy rate at 5.50 per cent after previous easing. Dr Soumya Kanti Ghosh, SBI’s Chief Economic Advisor, said CPI inflation could drop another 65-75 basis points due to GST cuts. Without GST changes, CPI is already below 2 per cent in September and October.

Ghosh added that the 2019 GST rationalisation reduced inflation by 35 basis points in just months. With the new CPI series and base revisions, inflation should stay near the lower end of the RBI target, 4±2 per cent, through FY26 and FY27. October CPI could even reach 1.1 per cent.

SBI believes a September rate cut is justified. Ghosh said the RBI must communicate clearly to avoid mistakes. Lower inflation and stable growth give the central bank room to cut rates and support the economy.

The post SBI Sees September Rate Cut Amid Low Inflation appeared first on India Podcast.

Cook strongly rejected the allegations and Trump’s decision. She stated the move was not legally valid and confirmed she would not step down. Cook’s legal team, led by attorney Abbe Lowell, is preparing to challenge the dismissal, calling it an attack on the independence of the Federal Reserve.

Legal experts argue the President may have overstepped his powers. The Federal Reserve Act allows removal of governors only “for cause,” generally linked to misconduct during service, not past personal matters. This creates a legal gray area that could lead to a prolonged court battle.

The dismissal has triggered political and economic debate across the US. Observers warn that interfering with the Fed’s independence could shake market confidence and set a dangerous precedent. The case may eventually reach the Supreme Court, testing the limits of presidential authority over independent institutions.

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