Farmers again reject govt’s offer of amending laws, want them repealed
India expresses solidarity with people of Afghanistan in their journey towards peace
Misconceptions being spread about January 26 tractor march, says Samyukta Kisan Morcha
PM Fasal Bima Yojana, PMFBY benefitted crores of farmers in five years: PM
PM doesn’t respect farmers, wants to tire out those protesting against agri laws: Rahul
FreeCurrencyRates.com

इंडियन आवाज़     16 Jan 2021 05:56:24      انڈین آواز

Balance in inoperative bank-accounts must be returned

SUBHASH CHANDRA AGRAWAL

Huge balance is lying in inoperative accounts in banks with even many account-holders having forgotten about their bank-accounts. Reserve Bank of India (RBI) has introduced Know-Your-Customer (KYC) forms which has been made mandatory also for closing such inoperative accounts. Such cumbersome practice not only is causing difficulty to account-holders wishing to close their inoperative accounts, but also creating a big loss of man-hours of bank-employees apart from unnecessary data-entries and record-keeping. Frauds are reported through some bank-employees misappropriating funds in such inoperative accounts where amount is large.

RBI should direct all banks to close all accounts not operated for say last three years, and send the remittance through pay-orders by Speed Post at last known addresses of account-holders at least for accounts having balance of say rupees ten thousand or less. In case of return of Speed-Post envelopes, formalities like of KYC form and succession-certificates etc may be required. For amounts bigger than rupees ten thousand, account-holders should be informed about their existing balance and to approach banks either to make accounts operative or close these in a time-bound period after which all such balances should be transferred to Depositor-Educative-Awareness-Fund (DEAF). With private sector dominating banking sector, public-money lying in inoperative accounts must not be allowed to be retained by banks.

Frequent change of account-numbers by banks should be prevented by making it mandatory for all banks to allot 15-digit account-numbers. Confusing and frequently changing account-numbers result in bouncing of electronic fund-transfers.

Leave a Reply

Your email address will not be published. Required fields are marked *

SPORTS

Shooting; Saurabh, Manu win T1 Air Pistol trials,Saurabh beats world record in finals

Harpal Singh Bedi New Delhi, 15 January; Asian Games champion Saurabh Chaudhary (UP) and Manu Bhaker (Harya ...

Hockey: Training to increase our momentum in a planned way: Drag-flicker Harmanpreet Singh

Harpal Singh Bedi / New Delhi The 33-member Hockey Probable Group for the Tokyo Olympics has resumed traini ...

خبرنامہ

بھارت میں تیار کردہ دو ویکسین کفایتی ہیں اور مزید چار ویکسین تیاری کے مرحلے میں ہیں: وزیر اعظم

وزیر اعظم نریندر مودی نے کہا ہے کہ بھارت اِس مہینے کی 16تاریخ ...

نوجوانوں کی ذمہ داری ہے کہ وہ مستقبل کے بھارت کی قیادت کریں: وزیر اعظم نریندر مودی

وزیر اعظم نریندر مودی نے کہا ہے کہ نئی قومی تعلیمی پالیسی میں ...

سپریم کورٹ کی تین نئے زرعی قوانین کے عمل درآمد پر مزید احکامات جاری ہونے تک روک

سپریم کورٹ نے تین زرعی قوانین کے عمل درآمد پر روک لگا دی ہے ۔ ...

TECH AWAAZ

Abu Dhabi Digital signs partnership agreement with Hewlett Packard Enterprise

WEB DESK The Abu Dhabi Digital Authority (ADDA)has signed a partnership agreement with Hewlett Packard Ente ...

Indian Army develops messaging application ‘Secure Application for Internet’

file phot AMN Indian Army has developed a simple messaging application named the Secure Application for ...

MARQUEE

Rashtrapati Bhavan Museum Complex to re-open from January 5

WEB DESK Rashtrapati Bhavan Museum Complex, which was closed for public viewing due to COVID-19 since 13th ...

Now Mt Everest height is 8,848.86 metres

WEB DESK 8,848.86 metres is now new official height of Mount Everest Nepal has announced. The new announcem ...

MEDIA

No station of All India Radio being closed anywhere in country: Prasar Bharati

WEB DESK Prasar Bharati today clarified that no station of All India Radio is being closed anywhere in any ...

50 journalists killed in 2020: RSF

Two-thirds killed in countries “at peace” AGENCIES / WEB DESK AT least 50 journalists were kille ...

@Powered By: Logicsart

Do NOT follow this link or you will be banned from the site!