In a circular issued recently the RBI wants all cooperative and regional rural banks to locate customers with unclaimed or inoperative accounts.
The apex bank has issued clear cut instructions calling upon the banks to formulate a broad policy framework to solve this longstanding problem.
The banks should do a periodic checking of the unclaimed deposits and track the concerned customers and their legal heirs down. They should also put in place a mechanism that could settle the problems and complaints arising out of this situation.
The RBI has been critical of the banks’ inaction in the matter and asked them to make public such accounts immediately after due diligence.
The central bank has warned the balky banks against any further delay in resolving this problem.