RBI to banks: refund unclaimed deposits

The Reserve Bank of India RBI has asked banks to locate and refund unclaimed deposits in over one crore non-operational accounts in different bank branches.

Keeping in view public interest,it has been decided that banks should play a more pro-active role in finding the whereabouts of the account holders of unclaimed deposits/ inoperative accounts. Banks are,therefore,advised that they should display the list of unclaimed deposits/inoperative accounts which are inactive/inoperative for ten years or more on their respective websites, the RBI said in an instruction to banks.

Banks should also give on the same website,the information on the process of claiming the unclaimed deposit/activating the inoperative account and the necessary forms and documents for claiming the same, the central bank said. Banks have been asked to complete the exercise by June 30 and keep their websites updated at regular intervals.