The Reserve Bank of
India (RBI) on recently proposed that unclaimed bank deposits, estimated at
over Rs. 3,500 crore, be utilised for education and awareness of depositors. As
per the proposal, the banking sector deposits which have not been claimed for
10 years or / more will be transfered to the Depositor Education and Awareness
Fund Scheme.
The Fund will be
created by taking over inoperative deposit accounts which have not been claimed
or / operated for a period of 10 years or more or / any deposit or / any amount remaining
unclaimed for more than ten years ..., said the draft proposal on which
comments have been sought by RBI.
As per an estimate,
banks have as much as Rs. 3,652 crore of unclaimed deposits lying with
them,with the State Bank of India (SBI) alone accounting for nearly 15 % of
that.
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