The RBI has issued fresh guidelines to reduce the quantum of inoperative bank accounts and unclaimed deposits with focus on tracing customers!
Banking & Finance
The RBI carried out a review of the situation and, consequently, has decided to issue comprehensive guidelines to the banks to streamline the process of handling such cases further. These measures include placing a smooth mechanism for classifying accounts and deposits inoperative accounts and unclaimed deposits, at least one annual review of such accounts and deposits, attempting to contact the customers in such cases via registered mail the phone numbers, increasing customer awareness on their websites and branches, among other steps.
The Reserve Bank of India (RBI) has issued revised instructions for inoperative accounts and unclaimed deposits in banks
About Reserve Bank of India:
Headquarters: Mumbai, Maharashtra, India
Governor: Shaktikanta Das
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