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Unclaimed Bank Deposits Cross Rs. 8,000 cr
January 15, 2018
With the new KYC norms maintaining a tight grasp on the traditional accounts in the banks and making it harder for the family of a deceased to extract the funds from their account, the total amount of unclaimed deposits have reached above Rs. 8,000 crores.
As per the data released by the Reserve Bank of India recently, as of December 2016, a total of 2.64 crore accounts contributed to about Rs. 8864.6 crores of the unclaimed deposits combined. The unclaimed deposits have also been found to be increased twofold during 2012-2016.
