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Banks directed to pay unclaimed deposits

September 07, 2023

Banks directed to pay unclaimed deposits

In line with the Reserve Bank of India’s directive, the State Level Bankers’ Committee (SLBC) has told banks in Goa to locate customers who have unclaimed deposits in branches in each district within hundred days so that the money can be disbursed.

Banks have also come across unclaimed government funds lying in accounts that date back to more than two decades. Goa’s banks have been given till September to try to disburse these unclaimed funds but identifying the account holders has proved to be difficult.

“The PWD, the electricity department, and some other departments had created accounts for certain projects and now the projects have been closed but the money is still in the accounts,” a deputy general manager of a leading public sector bank told TOI. The official added, “The junior engineer or the executive engineer concerned has retired or gone to another place and nobody knows what to do with this money.”

The official said, “We have asked the government departments for help. Someone has to come forward and claim the amounts.” Many of these accounts go back to the period when there were no emails and mobile phones linked to bank accounts, the official said. “When we send intimation letters to the listed address, very often the letter comes back,” the official added.

Important Links:

4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/

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BanksDepositReserve Bank of India

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