It has been decided to issue comprehensive guidelines on the measures to be put in place by the banks covering various aspects of classifying accounts and deposits as inoperative accounts and unclaimed deposits, as the case may be, periodic review of such accounts and deposits, measures to prevent fraud in such accounts/deposits, grievance redressal mechanism for expeditious resolution of complaints, steps to be taken for tracing the customers of inoperative accounts/ unclaimed deposits including their nominees/ legal heirs for re-activation of accounts, settlement of claims or closure and the process to be followed by them.
This circular is applicable to all Commercial Banks (including RRBs) and all Co-operative Banks.
The revised instructions shall come into effect from April 1, 2024.
Link – https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12589&Mode=0
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