Millennium Post

RBI tells banks to display names of unclaimed deposit A/Cs on websites

In a bid to help people who have unclaimed deposits lying with banks, RBI on Monday directed banks to prominently display such account holders' names on the websites and provide them with a "Find" option to locate the information easily.

Banks should complete the action by March 31, and keep their websites updated at regular intervals, the Reserve Bank said in a notification. Keeping in view public interest, it has been decided that banks should play a more pro-active role in finding the whereabouts of the account holders of unclaimed deposits/ inoperative accounts, the Reserve Bank said.

"Banks are, therefore, advised that they should display the list of unclaimed deposits/inoperative ccounts which are inactive/inoperative for ten years or more on their respective websites," it added. As per government estimates, banks had Rs 5,124 crore in unclaimed deposits lying with them as of December 31, 2013.
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