NEWS & ADVICE : SAVINGS ACCOUNTS
RBI directs banks to assign various product codes to accounts that are dormant
By Vaibhav Aggarwal
Sep 19, 2013
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Today RBI has directed all the banks to allot some kind of different product code to the accounts remaining inoperative or dormant for more than two years for the purpose of core banking solution since state and central governments were finding it very much difficult in order to transfer beneficial effect into such accounts.

Central and State governments are finding it extremely difficult for transferring Direct Benefit or Electronic Benefit or crediting cheques or Zero Balance Accounts or scholarships for students, into the accounts that have been opened for getting the benefits of various state/central governments schemes, however, had been termed as inoperative/dormant owing to non-utilization of the accounts in excess of two years according to a notification of the RBI. RBI also directed that so as to permit transaction in those accounts care should be taken to the effect that verification of identity and signature along with genuineness of transaction are maintained strictly for eliminating the risk of fraudulent activities as well as ensuring that customer does not become harassed or inconvenienced by no means.


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