RBI asks banks to bring down inoperative accounts urgently, report their numbers quarterly
The Department of Supervision, RBI, recently conducted an analysis, which revealed that the number of inoperative accounts/unclaimed deposits in several banks was on the higher side vis-a-vis their total deposits as well as in absolute terms, it said.
«The banks are ...advised to take necessary steps urgently to bring down the number of inoperative/frozen accounts and make the process of activation of such accounts smoother and hassle free,» a notification to chiefs of all the banks said.
Banks may look at enabling seamless updation of KYC (know your customer) through mobile/internet banking, non-home branches and Video Customer Identification Process, it suggested.
The notification said it has observed instances where the accounts of underprivileged beneficiaries of state-run cash transfer schemes have been frozen due to other factors such as pending updation/ periodic updation of KYC, even though such beneficiary accounts are required to be segregated to facilitate uninterrupted credit of scheme funds.
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