Banking and monetary regulator Reserve Bank of India has asked the banks to do get serious about the unclaimed deposits. The regulator also asked banks to create a policy on detection, grievance redressal mechanism for such accounts. RBI had previously directed banks to review their unclaimed deposits by September 2012.
The central bank was also not happy with the way banks handled the matter, and advised the banks to find the whereabouts of customers or their legal heirs.
"The need to identify the owners of these unclaimed deposits or inoperative accounts is closely linked to KYC (know your account) due diligence," said RBI. It also added that no charges should be levied for activation of inoperative accounts.