Banks to put up list of unclaimed deposits on Web site : RBI

The Reserve Bank of India ( RBI) on recently asked banks to display the list of unclaimed deposits and inoperative accounts which have been inactive / inoperative for ten years or more on their respective Web sites.

According to the RBI notification, the list so displayed must contain  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 names of individuals, the names of individuals authorised to operate the accounts should also be indicated.

The account number, its type and the name of the branch should not be disclosed on the bank's Web site. The list so published by the banks should also provide a “Find” option to enable the public to search the list of accounts by name of the account holder.

Banks should also give information on the process of claiming the unclaimed deposit / activating the inoperative account &  the necessary forms and documents on their Web site. Banks have been asked to have adequate operational safeguards to ensure that the claimants are genuine.

A whopping Rs. 1,723.24 crore in 1.03 crore non-operational accounts in different banks were lying unclaimed as on December, 2010.

Unclaimed amount as on December, 2010
Public sector banks - Rs. 1,467 crore
Private banks -  Rs 195.9 crore
Foreign banks -  Rs 60 crore

Banks - Unclaimed deposits
SBI and its associates - Rs 279.7 crore
Canara Bank -  Rs. 274.6 crore
Union Bank of India  - Rs. 163.6 crore

Banks should implement the instructions on or by June 30, 2012, and keep their Web sites updated at regular intervals.

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