NEWS & ADVICE : FIXED DEPOSITS
Banks burdened with unclaimed funds worth Rs 1360 cr
By Neelima Shankar
Mar 9, 2011
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All foreign as well as public sector banks in India are burdened with funds as much as Rs 1360 crores lying unclaimed with them. In response to right to information queries, Reserve Bank of India had asked banks to emphasise more in tracking down the customers as well as legal heirs.

The largest lender of the country, State Bank of India and its associate banks alone have unclaimed funds worth Rs 158 crores. Public sector lenders have funds worth Rs 988 crore and foreign and private sector banks have share worth Rs 473 crore and Rs 143 crore respectively.

"In view of the increase in the amount of unclaimed deposits with banks year after year and the inherent risk associated with such deposits, banks should play a more proactive role in finding the whereabouts of the account holders whose accounts have remained inoperative," said SC Agrawal, an activist in this application to RBI.

One of the major reasons for this many accounts remaining unclaimed is the lack of nomination being filed by customers.


 


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