StCBs/DCCBs - Unclaimed deposits and inoperative / dormant accounts in banks - ಆರ್ಬಿಐ - Reserve Bank of India
StCBs/DCCBs - Unclaimed deposits and inoperative / dormant accounts in banks
RBI/2008-09/386 |
February 18, 2009
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All State and Central Co-operative Banks
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Dear Sir, |
Unclaimed deposits and inoperative / dormant accounts in banks |
In view of the increase in the amount of the unclaimed deposits with banks year after year and the inherent risk associated with such deposits, it is felt that banks should play a more pro-active role in finding the whereabouts of the account holders whose accounts have remained inoperative. Further, several complaints have been received in respect of difficulties faced by the customers on account of their accounts having been classified as inoperative. Moreover, there is a feeling that banks are undeservedly enjoying the unclaimed deposits, while paying no interest on it. Keeping these factors in view, it is advised that State and Central Co-operative Banks may follow the instructions detailed below while dealing with inoperative / dormant accounts: |
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2. Banks may also consider launching a special drive for finding the whereabouts of the customers / legal heirs in respect of existing accounts which have already been transferred to the separate ledger of 'inoperative accounts'. |
Yours faithfully, |
(B.P.Vijayendra) |