The Reserve Bank of India (RBI) on December 02, 2024, issued the notification regarding the Inoperative Accounts/Unclaimed Deposits in banks.
The following has been stated namely: -
• Banks must annually review accounts with no customer transactions for over a year and segregate accounts for government schemes like DBT/EBT to ensure uninterrupted credit.
• Banks are required to facilitate the activation of inoperative/frozen accounts, including through mobile/internet banking and Video Customer Identification Process (VCIP).
• Special efforts should be made to assist beneficiaries from underprivileged sections, with campaigns for activating such accounts and Aadhaar updation.
• Banks should monitor the reduction of inoperative/frozen accounts through their Customer Service Committees and report progress quarterly.
• A copy of the circular must be presented at the next CSC meeting, along with a monitorable action plan for compliance.
[Notification No. RBI/2024-25/91]
