Rs.1,360 crore unclaimed money lying with banks: Mukherjee
December 3rd, 2010 - 10:37 pm ICT by IANS
New Delhi, Dec 3 (IANS) More than Rs.1,360 crore is lying unclaimed with banks, mostly public sector lenders, and the government proposes to use this amount for creating depositor awareness, Finance Minister Pranab Mukherjee said Friday.
The government has conceived a proposal in consultation with the Reserve Bank of India (RBI) that the deposit amounts which have not been operated for 10 years be transferred to a fund called “depositor education and awareness fund”, Mukherjee said in written reply to a question in the Lok Sabha.
He said the government was contemplating to amend the Banking Regulation Act, 1949, for creating the fund.
“The fund is proposed to be utilised for promotion of depositors’ interest and for such other purposes as may be specified by the RBI from time to time,” Mukherjee said.
Of the total Rs.1,360.32 crore unclaimed amount, Rs.1,010.94 crore is lying with the nationalised banks and Rs.143.62 crore is with the private sector banks while the foreign banks have Rs.47.31 crore unclaimed deposits, according to the official data released Friday.
Total number of unclaimed accounts are 10,171,368.
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