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This is a discussion on My Little Success Story with RBI within the RTI Success Stories forums, part of the Right to Information category; This is a little success story I want to share with the forum members. For the last one year I have been trying to unravel the mystery behind the huge ...
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#1
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This is a little success story I want to share with the forum members. ![]() For the last one year I have been trying to unravel the mystery behind the huge amount of money lying with the Indian Banking System in the shape of Dormant/Inoperative accounts. These money legitimately belong to the owners/heirs of the account holders and not to the Banks. Large nos. of accounts are lying around and Banks are coolly enjoying the funds without paying any interest on it and doing nothing on it. I discovered that thousands of crores of money in more than half a lakh accounts are lying in the Banks depriving the legitimate owners of this funds. This is AS per figures supplied to me by RBI. Perhaps this was first time some one asked for these information and it took RBI 2 months to collect & supply these information . (Free of cost) One June 23 I filed another RTI application to know what the Govt. is doing on this. I posed three queries to the Ministry of Finance.
of FinMin resorted to 6(3) & transferred it. After much traveling my RTI application finally landed with the RBI and RBI after 22 days of receiving my RTI Application issued a notification with a slew of instructions to the Banks on how the accounts and funds in these Dormant & Inoperative a/cs shall be managed.Today I received the official reply from the CPIO , RBI. And once again it was all free since the RBI has exceeded the 30 days deadline. The said circular and the corresponding News articles are available here. Please note that the following circular was non existant at the time of filing my RTI application i.e. on 23rd June 2008. Unclaimed Deposits / Inoperative Accounts in banks News Reports: The Hindu : Business : Customers to get interest on inoperative accounts The Telegraph - Calcutta (Kolkata) | Business | Prop for dormant bank accounts |
| The Following 16 Users Say Thank You to sidmis For This Useful Post: | ||
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#2
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Good work Sidharth. Like the dormant accounts in banks, the LIC is holding thousands of crores of unclaimed premium remittance of deceased persons. Years ago I had come across an article in one of the news papers about this, though I dont remember the full details at this point of time. Let us do something about these as well.
__________________ Defeat is not final when you fall down. It is final when you refuse to get up. |
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#3
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Thanks Ganpat & Kushal. Regarding LIC, I have heard about it. Since I was preoccupied with this dormant account issue, I could not find time for the same. Now it's time to look into that too as suggested by you. Btw I have posted the main replies of RBI for members to see. CPIO_RBI_Reply_ON_Dormant_Accounts_1 CPIO_RBI_Reply_ON_Dormant_Accounts_2 There are several other documents as mentioned in the reply. They are all available at RBI Website. So I am not posting them here. |
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#4
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Thanks a lot for the perseverence and efforts in public interest. However, circular from RBI is first step. We have to see what is done at the branch level. My 31 year experience in bank shows that H.O. reiterates RBI circulars and branches just file it out. They do not have time even to follow up loan defaulters, they will not follow dormant deposit account holders. After a month or two we can ask for action taken report for few main branches of some banks in the country and just activate ground zero. I will try few bank branches.
__________________ WITH RTI YOU CAN BE ONE MAN ARMY: USE POWER OF ONE |
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#5
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Quote:
RBI circular is a begining. This issue should be pursued at various level. I think there are many more RTIs left to be filed in the coming months to see the results. Quote:
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#6
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That is a very good effort Sidharth ! Keep it up. |
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#7
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Sidharth, the same thing is with the Postal Deposit also. whether the RBI circular is applicable for Postal Department?
__________________ Fight for the Right. |
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#8
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Quote:
This is a news to me and worth pursuing further. Last edited by sidmis; 09-06-2008 at 03:25 PM.. |
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#10
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Quote:
__________________ Defeat is not final when you fall down. It is final when you refuse to get up. |
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