RBI Order: Unclaimed accounts in banks or accounts without transactions for a long time are becoming a major cause of fraud, money laundering and banking fraud. Everyone from the enforcement agencies to the Reserve Bank are worried about this. To get rid of this, the Reserve Bank has now taken a big step. The Reserve Bank has asked banks to immediately get rid of such accounts. For this, various instructions have been given to the banks including finding the real claimants of those accounts.
What was said by RBI – know here
Apart from this, the Reserve Bank has directed to run a special campaign to activate inactive or frozen accounts and to help customers update Aadhaar through branches providing Aadhaar related services. The Reserve Bank has also asked State Level Bankers Committees (SLBCs) to minimize inconvenience to customers by actively monitoring the situation in their respective jurisdictions.
Banks can search for account claimants in this way – RBI
The Reserve Bank has also suggested several measures to search for claimants of inoperative accounts. These include streamlining Know Your Customer (KYC) updates through mobile or internet banking, non-home branches, video customer identification processes and others. In bank branches Unintentional mistakes in customer details like mismatch in names are also leading to freezing of accounts. These should be removed as soon as possible. In this, banks will also have to give progress report on quarterly basis through Daksh portal or other means.
The Reserve Bank has also asked to give some relaxation in KYC update to the beneficiaries of Direct Benefit Scheme in Central and State Government schemes and to give some time to the account holders before freezing the account.
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