Rs 35,000 crore unclaimed in public sector banks

Government banks have transferred about Rs 35,000 crore lying unclaimed in their accounts to the Reserve Bank. This information was given in Parliament on Monday. This money was lying in banks for 10 years or more, which no one claimed. Till February 2023, this Rs 35,012 crore was lying in 10.24 crore accounts. Most of the unclaimed money was deposited in the State Bank.
Minister of State for Finance Bhagwat Karad told the Lok Sabha in writing that Rs 8,086 crore was lying unclaimed in the State Bank of India. While Punjab National Bank had Rs 5,340 crore, Canara Bank Rs 4,558 crore and Bank of Baroda Rs 3,904 crore. These have been transferred to RBI.
Banks have been advised to consider launching a special drive to trace the customers/legal heirs linked to inoperative accounts. It has also been said that banks will have to give information about accounts lying inactive for 10 years or more on the website. The name and address of the account holder will also have to be given in this list.