New Delhi, Sept 10: Commercial banks in the country are sitting on funds of over Rs 1,200 crore (Rs 12 billion) lying idle in about two crore accounts for the past 10 years.
This is despite a circular issued by Reserve Bank of India in November 1989 instructing banks to trace customers or the legal heirs of unclaimed accounts. The disclosure was made in reply to a RTI plea filed by one Sidharth Misra, a resident of Cuttack in Orissa. As per the reply, an amount of Rs 1207,35,54,334.23 is lying idle with banks spread across India. This unclaimed amount belongs to 1,74,38,100 account holders. According to the reply given by the RBI, quantum of unclaimed deposit is highest in the rural regional banks category. It comes to an amount of Rs 1156,98,70,277.68. "The banks take this order in letter and not in spirit and wash their hands off by sending a simple letter to the account holder," an RBI official said on the condition of anonymity. "I feel this huge quantum of money is lying idle with the banks and will also lie idle in the near future because the right heir to the unclaimed money is not aware about it," Misra said. He said the RTI was filed after many widows in Cuttack complained that the banks were reluctant to give them their rightful dues. It is the also responsibility of the banks to trace either the account holders or the rightful claimants.
This is despite a circular issued by Reserve Bank of India in November 1989 instructing banks to trace customers or the legal heirs of unclaimed accounts. The disclosure was made in reply to a RTI plea filed by one Sidharth Misra, a resident of Cuttack in Orissa. As per the reply, an amount of Rs 1207,35,54,334.23 is lying idle with banks spread across India. This unclaimed amount belongs to 1,74,38,100 account holders. According to the reply given by the RBI, quantum of unclaimed deposit is highest in the rural regional banks category. It comes to an amount of Rs 1156,98,70,277.68. "The banks take this order in letter and not in spirit and wash their hands off by sending a simple letter to the account holder," an RBI official said on the condition of anonymity. "I feel this huge quantum of money is lying idle with the banks and will also lie idle in the near future because the right heir to the unclaimed money is not aware about it," Misra said. He said the RTI was filed after many widows in Cuttack complained that the banks were reluctant to give them their rightful dues. It is the also responsibility of the banks to trace either the account holders or the rightful claimants.
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