Rs 85 crore lying in inoperative accounts shifted to RBI

A total of Rs 85 crore lying unclaimed in various banks of the district has been transferred to the Depositors Education and Awareness Fund (DEAF) account of the RBI.

In line with the directions from the Department of Financial Services, Ministry of Finance, a mega public awareness camp on unclaimed deposits was organised by Axis Bank at Phase 2 here. Top 10 banks — SBI, PNB, Union Bank, Bank of Baroda, Punjab & Sind Bank, Canara Bank, Punjab Gramin Bank, HDFC Bank and ICICI Bank — participated in the event, sensitising the public about the DEAF campaign.

Lead District Manager, Mohali, MK Bhardwaj said a substantial amount lying in bank accounts, which had remained inoperative for more than 10 years, had been transferred to the RBI’s DEAF account. Banks have now been tasked with tracing beneficiaries of such accounts and reactivating them so that unclaimed funds can be brought back into circulation and the banking system, he added.