New Bank Circular: Unclaimed Deposits in Bank: According to the new draft circular, now banks will have to provide the facility to re-activate the accounts by updating their KYC through all branches, video KYC and authorized business correspondents (BC).
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Unclaimed Deposits in Bank: The Reserve Bank of India (RBI) has proposed changes in the rules related to inoperative accounts and unclaimed deposits from January 1, 2024. According to the new draft circular, now banks will have to provide the facility to re-activate the accounts by updating their KYC through all branches, video KYC and authorized business correspondents (BC). This change will be considered effective only when it is put on the RBI website.
Inoperative Account
An account that has not had any ‘customer transactions’ for more than two years is considered inactive. Banks must conduct an annual review of accounts that have not had any customer-induced transactions for more than a year.
RBI’s new draft circular on dormant accounts
RBI has issued a new draft circular on dormant accounts. According to the circular, KYC update facility will be mandatory in all bank branches. Accounts can also be restarted through video KYC. Business Correspondents will also be able to update KYC. The changes will be implemented as soon as they are uploaded on the RBI website. This amendment has been made in the rules of January 2024.
RBI will give ₹ 2.69 lakh crore as dividend
RBI has announced to give a record dividend of Rs 2.69 lakh crore to the government for the financial year ended March this year, which is 27.4 percent more than the payment in 2023-24. The Reserve Bank had given a dividend of Rs 2.1 lakh crore to the government for the financial year 2023-24. The payment for 2022-23 was Rs 87,416 crore. The decision on dividend payment was taken in the 616th meeting of the Central Board of Directors of the Reserve Bank of India chaired by RBI Governor Sanjay Malhotra.
RBI’s new draft circular on dormant accounts
KYC update facility mandatory in all branches
Accounts can be re-activated through video KYC
Business correspondents can also update KYC
Changes will be implemented as soon as they are uploaded on the RBI website
This amendment has been made in the rules of January 2024
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