Banks to refund deposits of inoperative accounts
Gujarat Global News Network, Ahmedabad
The Reserve Bank of India(RBI) has directed banks to locate and refund unclaimed deposits worth Rs.1,700 crore.
It has asked banks to disclose on their websites list of unclaimed and inoperative bank accounts in public interest.
As per the figures there are nearly 1.03 crore bank accounts which have unclaimed deposits worth Rs.1,700 crore. State Bank of India, country’s largest bank has topped the list with unclaimed deposit of Rs.279.7 crore.
The RBI has said that the lists to be displayed on websites should have only the names of account holders and addresses. There should be no other information regarding the account. The list should have a ‘find’ option which would enable people to search the list of accounts by the name of holder. The list would include name of depositors who have not operated their account for the last ten years.
RBI has also asked banks to ensure that the claimants are genuine. The banks will be required to complete the process by the end of June 2012. The website of the banks will have information about the process to be followed for claiming the amount.
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