NITI Aayog to launch Online Dispute Resolution handbook
ICCR Foundation Day celebrated at Indian Embassy in Seoul
No plan to stop train services in country: Railway Board Chairman
Bihar: Schools, colleges, coaching centres to remain closed, Shops to shut down after 7 PM
FreeCurrencyRates.com

इंडियन आवाज़     11 Apr 2021 01:08:22      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Your email address will not be published.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

Dutee Chand to receive Chhattisgarh Veerni Award

AMN Dutee Chand, the Jakarta Asian Games silver-medalist in 100 and 200 metres, will receive Chhattisgarh V ...

Odisha CM felicitates star cyclist Swasti Singh

WEB DESK Odisha Chief minister Naveen Patnaik today felicitated star cyclist Swasti Singh. Praising her eff ...

خبرنامہ

قرآن کریم اور اس کی 26 آیتیں: صرف ترجمہ نہیں ،تفسیر بھی پڑھیں

جو لوگ مذہب کی بنیاد پر اسلام میں غیر مسلموں کے قتل کو جائز سم ...

بنگلہ دیش کے قومی دن کے پروگرام کے موقع پر وزیر اعظم کے خطاب کا متن

ئی دلّی ، 26 مارچ / نوموشکار ! حضراتِ گرامی  ، بنگلہ دی ...

چھتیس گڑھ میں ماؤنوازوں کے حملے میں پانچ سکیورٹی اہلکارہلاک اور 12 زخمی ہوگئے۔

یہ واقعہ بستر خطے کے نرائن پور ضلعے میں آج شام اُس وقتپ آیا ج ...

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

It is time to relish ‘Sadabahar’ mango

By Andalib Akhter A farmer from Kota, Rajasthan has developed an innovative mango variety called ‘Sadabah ...

Indian Army Closes Down Military Farms

WEB DESK After 132 years of glorious service to the nation, curtains were drawn on Military Farms. These Fa ...

MEDIA

There is no proposal to appoint a regulator for social media: Govt

AMN / WEB DESK The government has said that there is no proposal to appoint a regulator for social media. I ...

Centre approves financial assistance of Rs 5 lakh in death cases of journalists

Staff Reporter / NEW DELHI The Government today said that it has approved financial assistance of 5 lakh ru ...

@Powered By: Logicsart

The Indian Awaaz