Rs 26,697cr lying in dormant accounts of banks: FM Sitharaman

Finance Minister Nirmala Sitharaman informed the Rajya Sabha that almost Rs 26,697 crore was lying in dormant accounts of banks, including cooperative banks, as on December 31, 2020.

This money is lying in nearly 9 crore accounts which have not been operated for 10 years.

As per information received from the Reserve Bank of India (RBI), as on December 31, 2020, the total number of such accounts in Scheduled Commercial Banks (SCBs) was 8,13,34,849 and the amount of deposits in such accounts was Rs 24,356 crore, Sitharaman said in a reply.

“The number of deposit accounts (i.e. public deposits matured but remaining unclaimed for 7 years including the year in which they have matured) and the amount in such accounts with Non–Banking Financial Companies (NBFCs) was 64 and Rs 0.71 crore, respectively as on March 31, 2021,” she said. As per the instructions issued by the RBI to banks vide their Master Circular on “Customer Service in Banks”, banks are required to make an annual review of accounts in which there are no operations for more than one year, and may approach the customers and inform them in writing that there has been no operation in their accounts and ascertain the reasons for the same.

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