........In a circular to all banks, RBI has said that lenders should put in place a board approved policy on classification of unclaimed deposits; grievance redressal mechanism for quick resolution of complaints, record keeping and periodic review of such accounts. Four years back in August 2008 RBI had asked banks find the whereabouts of the customers and their legal heirs. At that time RBI had said that banks should review accounts every years wherever there are no transactions. The circular has defined an inactive/inoperative account as one where there has not been any transaction in the account for over a period of two years. Banks have also been directed to reactivate inoperative account without any charge. However, despite these instructions the number of inoperative accounts had only grown. This has compelled the central bank to come out with fresh directives on these funds.
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