UNCLAIMED AMOUNT 11,302 CRORES IN BANKS

Mumbai, March 23, (way2newstv.in):

Unclaimed amount 11,302 crores in Banks. Over Rs.3,302 crores has been declared unclaimed in more than 3 crores account of 64 banks in the country. The Reserve Bank of India (RBI) State Bank of India, the largest state-owned bank of India, is the highest at Rs 1,262 crores, Punjab National Bank (PNB) at Rs 1,250 crore, and all other national banks accounting for Rs 7,040 crore unclaimed. Besides, ICICI Bank (Rs 476 crore) and Kotak Mahindra (Rs 151 crore) were among the top 19 banking companies in the private sector, with a net outflow of Rs.332 crore sin 25 foreign banks, including one in HSBC An amount of Rs.105 crores is unclaimed, according to the Reserve Bank of India. However, the amount of unclaimed money is much smaller compared to deposits of more than Rs 100 lakhs crore in all banks in the country. 

UNCLAIMED AMOUNT 11,302 CRORES IN BANKS

Charan Singh, a RBI chair professor in IIM-B, said that the majority of these deposits would be related to the deaths of the deceased or those who have many bank accounts, most of which can not be benami money or unnecessary money. According to SBI banking Regulation Act -1949 Section 26, banks will have to submit all the details of non-transaction transactions in the country within 30 days of each calendar year to the RBI. However, Section 26 no makes clear that the banking institution is obliged to repay the deposit without claiming deposit money after ten years expiry or any deposit holder to prevent a bank account. Unclassified funds in non-working accounts are deposited in the Depository Education and Awareness Fund. The Fund was established under the Banking Laws (Amendment) Act - 2012.