About Rs 35,000 crore unclaimed deposits as of February 2023 had been transferred to the Reserve Bank by public sector banks (PSBs) in respect of deposits which haven’t been operated for 10 years or extra, Parliament was knowledgeable on Monday.
These unclaimed deposits belong to 10.24 crore accounts transferred to the Reserve Bank of India (RBI) as of the tip of February 2023.
“As per data out there with the RBI, as of the tip of February 2023, the whole quantity of unclaimed deposits transferred to RBI by PSBs in respect of deposits which haven’t been operated for 10 years or extra was Rs 35,012 crore,” Minister of State for Finance Bhagwat Karad said in a written reply in the Lok Sabha.
State Bank of India (SBI) tops the chart of unclaimed deposits worth Rs 8,086 crore followed by Punjab National Bank Rs 5,340 crore, Canara Bank Rs 4,558 crore and Bank of Baroda Rs 3,904 crore.
To a question that if SBI officials do not assist/extend any help to the family of deceased and even they do not contact the family who have submitted death certificates of deceased, the minister said, the bank provides help to family of the deceased in settling all cases of claims.
“Settlement of account (s) of deceased constituent are taken up on priority by SBI. SBI staff has been sensitised and instructions are reiterated in all forums of banks at regular frequency,” he mentioned.
For the comfort of SBI clients, he mentioned, the small print/ strategy of settlement of claims with out authorized illustration in respect of account(s) of deceased constituents, the specimen of prescribed kinds, in addition to up to date FAQs for straightforward understanding have been uploaded on SBI’s web site.
Every utility for settlement of the account of a deceased constituent obtained on the SBI department is duly acknowledged, the reply mentioned.
Banks have additionally been suggested to think about launching a particular drive for locating the whereabouts of the purchasers/authorized heirs in respect of accounts which have change into inoperative, i.e., the place there aren’t any transactions within the account over a interval of two years, it mentioned.
“Further, it mentioned, banks are required to show the listing of unclaimed deposits/inoperative accounts that are inactive / inoperative for ten years or extra on their respective web sites, with the listing containing the names and addresses of the account holder(s) in respect of unclaimed deposits/ inoperative accounts,” it said.
Finally, it said, banks have been advised by RBI to play a more pro-active role in finding the whereabouts of the account holders whose accounts have remained inoperative.
Replying to another question, Karad said the government’s intent to take up privatisation of two Public Sector Banks and one Public Sector General Insurance Company along with approval of a policy of strategic disinvestment of Public Sector Enterprises was announced in Union Budget 2021-22.
Consideration of issues related to disinvestment and decision on selection, terms and conditions, etc. in case of strategic sale is entrusted to the Cabinet committee designated for this purpose under the Government of India (Transaction of Business) Rules, 1961, it said.
The amendments to the relevant Acts are required before initiating the process of privatisation, it said. The necessary legislative amendment to the General Insurance Business (Nationalisation) Act, 1972 has been enacted, it said.
Further, representations, opinions or recommendations on various issues including, privatisation of PSBs, received by the Government from time to time are suitably examined.
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