A savings or current account with no customer-induced transaction for more than 24 months is classified as inoperative.
The move is aimed at making settlement of claims or return of articles from a locker smooth for relatives after the death of a customer.
Given that a sizeable part of this money is part of the coveted current accounts and savings accounts, it is surprising that banks are not in a hurry to revive these accounts, notes Tamal Bandyopdhyay.
Polling in 25 Lok Sabha seats in Gujarat will be held on May 7.
"The emails were sent from 'mail.ru' domain, in which a man impersonating himself as Tauheed Liaquat sent them to all the schools with the aim of spreading fear among voters and Indian citizens," the Ahmedabad crime branch said in a press statement.
Finance Minister Nirmala Sitharaman on Tuesday asked banks and other financial institutions to ensure that their customers must update nominees to help resolve the problem of unclaimed money in future. "I want the banking system, the financial ecosystem including the mutual funds, stock markets to keep in mind that when someone deals with his (customer's) money, the organisations will have to think about the future and ensure that customers nominate their heirs, give the name and address," Sitharaman said speaking at the Global Fintech Fest (GFF) in Mumbai. According to a report, the banking system alone has more than Rs 35,000 crore of unclaimed deposits, while the overall quantum of the unclaimed money is said to be more than Rs 1 lakh crore.
