Most of these deposits belong to deceased persons or those who have multiple bank accounts.
The Hush Post: Around Rs 11,300 crore lying in 64 banks of the country have no claimants, Reserve Bank of India (RBI) data has revealed. This unclaimed amount belongs to over three crore account holders in India.
According to the latest figures released by the Reserve Bank of India (RBI), State Bank of India (SBI) is the leading public sector bank which has the largest unclaimed money lying with it. The SBI has unclaimed deposits of Rs. 1262 core, followed by the Punjab National Bank (PNB) which has Rs. 1250 crore. Besides the two, all the other nationalized banks have Rs 7,040 crores lying unclaimed.
Among the private sector banks, seven- Axis, DCB, HDFC, ICICI, IndusInd, Kotak Mahindra and YES Bank — hold Rs 824 crore in unclaimed deposits. Twelve other private banks have Rs 592 crore such money lying with them. In all, the total unclaimed amount lying with private banks is Rs 1,416 crore. Of these banks, ICICI Bank has Rs. 476 crore and Kotak Mahindra has Rs. 151 crore in unclaimed deposits.
Meanwhile, Rs. 332 crore in unclaimed deposits are lying with 25 foreign banks, with HSBC having the maximum amount of Rs. 105 crore.
According to former RBI chair professor at IIM-Bengaluru, Charan Singh, most of these deposits belong to deceased persons or those who have multiple bank accounts. “It is unlikely that too much of it, or may be any of it, is benami or unaccounted money”, he told The Times of India.
It is to be noted that RBI requires all the individual banks to submit a return within 30 days of the close of the calendar year for all accounts that have not been operated for 10 years. Though, Section 26 of Banking Regulation Act, 1949, does not prevent a depositor or claimant from claiming the deposit or operating the account after the expiry of the period of 10 years.