RBI issues Circular on Inoperative Accounts/Unclaimed Deposits in banks

The Reserve Bank of India (RBI) has issued a circular concerning inoperative accounts and unclaimed deposits in banks. The circular mandates banks to take necessary actions to classify such accounts and transfer the funds to the applicable accounts after a certain period of inactivity. This directive aims to protect the interests of depositors by ensuring that unclaimed deposits are properly managed and accounted for. The RBI's focus is on enhancing transparency and improving the monitoring of inactive or dormant accounts to prevent misuse.