People suffer, banks get richer- Rakesh Bhatnagar

For a self-proclaimed welfare state such as India, enrichment at the cost of the tax-payer and the millions of ordinary people who have parked their savings in banks and other financial institutions is anathema.  Yet, there were unclaimed deposits to the tune of Rs13,603,159,647 in a variety of banks — Rs4,731,67,698 in foreign, Rs1,503,23,106 in other private and the remaining in public sector — for more than 10 years till December 2009.  Moreover, Reserve Bank of India (RBI) says at the end of March 2010, there were 54,738 million small coins (which, by definition, include the 50 paisa), adding up to Rs1, 455 crore. Ironically, neither the government nor any bank has shown concern for welfare of the depositors. Whatever the case, the cash-rich, top-heavy banks, which have been using public money the way they want to, can’t be allowed to swallow the deposits. Isn’t it RBI’s sovereign duty to protect the interests of unidentified depositors by putting up notices across the country inviting attention of the unknown and unheard of millions who might have found it hard to get their money back for a variety of reasons.  Owners of the assets must be identified and paid with interest.They should not be made to suffer for no fault for theirs as a friend of mine suffered. His wife had Rs50,000 in her bank account when she died over a decade ago. He approached the nationalised bank with her death certificate and other relevant papers to prove that she was his legally-wedded wife and claim the money, but was denied. The bank wouldn’t verify the facts, either, and instead asked him to move court.  The friend calculated the legal exercise would cost him Rs30,000, apart from the hassles and man hours, and decided against it. The money that belonged to his wife and her child must have doubled by now and the bank enriched.For whose welfare the state is working? Not the people, at least.