Over Rs 5K cr lying unclaimed with banks

Banks had Rs 5,124 crore in unclaimed deposits lying with them as of December 31, 2013, Parliament was informed today.
"The total amount of unclaimed deposits (more than 10 years old) lying with all scheduled commercial banks...As at the end of December 31, 2013 is Rs 51,24,98,11,927," Minister of State for Finance Nirmala Sitharaman said in a written reply to the Rajya Sabha.
She said the Reserve Bank has from time to time advised banks to play a more pro-active role in finding the whereabouts of the people whose accounts have remained inoperative.
Banks have also been advised to display the list of unclaimed deposits/inoperative accounts which are inactive or inoperative for 10 years or more on their websites and update them regularly.

"Further, the banks have been advised to put in place a board approved policy on classification of unclaimed deposits, grievance redressal mechanism for quick resolution of complaints, record keeping and periodic review of such accounts," Sitharaman said.
Also, the Depositor Education and Awareness Fund of the RBI has been established that utilises fund for promotion of depositors' interests.