Rs 85-crore unclaimed deposits in 10-year-old inoperative accounts transferred to RBI’s DEAF account
Banks tasked with tracing beneficiaries, reactivating accounts to return unclaimed funds to the system
MK Bhardwaj, Lead District Manager, Mohali, said that a substantial amount lying in bank accounts that had remained inoperative for more than 10 years had been transferred to the RBI’s DEAF account. Reuters File Photo
Unlock Exclusive Insights with The Tribune Premium
Take your experience further with Premium access. Thought-provoking Opinions, Expert Analysis, In-depth Insights and other Member Only Benefits
Advertisement
Unclaimed deposits worth Rs 85 crore lying in various banks of Mohali district have been transferred to the Government of India’s Depositors Education and Awareness Fund (DEAF) account.
In line with 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, Mohali.
Advertisement
Top 10 banks—including 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.
MK Bhardwaj, Lead District Manager, Mohali, said that a substantial amount lying in bank accounts that 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.
Advertisement
Advertisement
Advertisement