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Bank Unclaimed Deposits Notice

The Reserve Bank of India instructed all state and central co-operative banks and regional rural banks to take additional steps to locate account holders of unclaimed deposits and inoperative accounts that have been inactive for 10 years or more. Specifically, the banks were told to: 1. Display lists of names and addresses of account holders on their websites along with a search option. 2. Provide information on their websites about how to claim unclaimed deposits and reactivate inoperative accounts, including necessary forms and documents. 3. Complete these tasks by June 30, 2012 and keep the website information updated regularly.

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228 views2 pages

Bank Unclaimed Deposits Notice

The Reserve Bank of India instructed all state and central co-operative banks and regional rural banks to take additional steps to locate account holders of unclaimed deposits and inoperative accounts that have been inactive for 10 years or more. Specifically, the banks were told to: 1. Display lists of names and addresses of account holders on their websites along with a search option. 2. Provide information on their websites about how to claim unclaimed deposits and reactivate inoperative accounts, including necessary forms and documents. 3. Complete these tasks by June 30, 2012 and keep the website information updated regularly.

Uploaded by

ruchikunwar07
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भारतीय रज़व बक

-----------------RESERVE BANK OF INDIA------------------


[Link]
RBI/2011-12/393
[Link].58/03.05.033/2011-12

February 8, 2012

All State and Central Co-operative Banks / Regional Rural Banks

Dear Sir,

Unclaimed Deposits / Inoperative Accounts in Banks -


Display List of Inoperative Accounts

Please refer to our Circulars [Link].89/07.38.01/2008-09 dated February


18, 2009 and [Link].108/03.05.33/2008-09 dated May 22, 2009 where
in detailed instructions have been given to State and Central Co-operative Banks /
Regional Rural Banks on dealing with unclaimed deposits / inoperative accounts. They
have been advised to find the whereabouts of the customers and their legal heirs. These
instructions, inter alia, include i) annual review of accounts in which there are no
operations, ii) operations in such accounts to be allowed after due diligence and iii) no
charge to be levied for activation of inoperative account, etc.

2. Keeping in view public interest, it has been decided that State and Central Co-
operative Banks / Regional Rural Banks should, in addition to the instructions contained
in the above mentioned circular, play a more pro-active role in finding the whereabouts of
the accountholders of unclaimed deposits/ inoperative accounts. They are, therefore,
advised to display the list of unclaimed deposits/inoperative accounts which are inactive /
inoperative for ten years or more on their respective websites. The list so displayed on
the websites must contain only the names of the account holder(s) and his/her address
in respect of unclaimed deposits/inoperative accounts. In case such accounts are not in
the name of individuals, the names of individuals authorized to operate the accounts
should also be indicated. However, the account number, its type and the name of the
branch shall not be disclosed on the bank’s website. The list so published should also
provide a “Find” option to enable the public to search the list of accounts by name of the
account holder.

ामीण आयोजना और ऋण वभाग,क य कायालय, 10वीं मंिज़ल,क य कायालय बि डंग,शह द भगत संह माग,पो.बा.सं.10014,मंब
ु ई 400 001
टे ल फोन:022-22601000 फै स: 91-22-22621011/22619048 ईमेल: cgminrpcd@[Link]
Rural Planning & Credit Department,Central Office,10th Floor,Central Office Building,Shahid Bhagat Singh Marg,[Link] No.10014,
Mumbai 400 001
Tel:022-22601000 Fax:91-22-22621011/22619048 E-mail :cgminrpcd@[Link]
हंद आसान है , इसका योग बढ़ाइए
-2-

3. State and Central Co-operative Banks / Regional Rural Banks should also give on the
same website, the information on the process of claiming the unclaimed deposit /
activating the inoperative account and the necessary forms and documents for claiming
the same. Adequate operational safeguards may be put in place to ensure that the
claimants are genuine.

4. State and Central Co-operative Banks / Regional Rural Banks should complete action
as above by June 30, 2012 and keep their websites updated at regular intervals.

Yours faithfully,

([Link])
Chief General Manager

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