RBI asks banks to refund unclaimed deposits estimated over 1700 crore rupees

The Reserve Bank of India, RBI on Tuesday asked banks to locate and refund unclaimed deposits estimated at over 1700 crore rupees. In an instruction to banks, the RBI said that banks in public interest must play a more pro-active role by finding the whereabouts of the account holders of unclaimed deposits and inoperative accounts. 

The RBI instructed banks to display a list of unclaimed deposits and inoperative accounts for ten years or more, on their respective websites. The RBI added that Banks should also give on the same website, the information on the process of claiming the unclaimed deposit or activating the inoperative account and the necessary documentation required for the same.