Around 11,300 Crore Rupees Deposited In 64 Banks Has No Claimant Across The Country

Around 11,300 Crore Rupees Deposited In 64 Banks Has No Claimant Across The Country

According to the recent data released by the Reserve Bank, there are no claimants of Rs 11,302 Crore deposited in more than 3 Crore accounts of 64 banks in the country. The highest amount is Rs 1,262 Crore in the State Bank of India, whereas in Punjab National Bank, 1,250 Crore and other government banks, the total amount is Rs 7,040 Crore, which has no claimants. However, this amount is only a small part of Rs 100 lakh crore deposited in banks across India.

“In most of these deposits, most of the money is of account holders who have died or who have accounts in many banks,” said Charan Singh, senior RBI Chair Professor at IIM Bangalore. There is no such possibility that most of them are anonymous. According to Section 26 of Banking Regulation Act, 1949, within 30 days of the end of every calendar year, all the banks of India have to give the information of such accounts to the Reserve Bank of India, which has not been used for 10 years.

However Section 26A of Banking Regulation Act, 1949 states that after 10 years, the depositor can claim this amount and the banking company is obliged to return this amount. According to the rules of the Banking Law (Amended) Act, 2012, the depositor’s account is deposited in the deposit account of the account of these passive accounts.

According to the RBI, 7 private banks including DCB, Axis, ICICI, HDFC, Kotak Mahindra, IndusInd, and Yes Bank have deposits worth Rs 824 Crore, which has no claimants. Moreover, 12 other private banks have deposited Rs. 592 Crore. In this way, private banks have no claimants of Total Rs 1,416 Crore.

The highest number of private banks is ICICI of Rs 476 Crore and Kotak Mahindra Bank has a deposit of Rs 151 Crore, which is no one to claim. Although 25 foreign banks have such deposits of only Rs 332 Crore, the highest amount of Rs 105 Crore is deposited with HSBC Bank, which has no claimant.

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